What if the consumer loan pays off the credit card?
At present, banks and financial institutions can provide all kinds of consumer loans, but when applying, we must choose a clear use of funds. Usually it can only be used for personal consumption such as consumption, decoration and tourism. Generally, it needs special funds, and there is no mention that it can be used to pay off debts, such as paying off credit cards.
However, many people wait for the consumer loan to be issued to the bank card and then transfer it to the credit card for repayment, saying that there is no obstacle to not using this consumer loan. As for how to repay the credit card from the consumer loan, it generally doesn't matter much as long as the cardholder can repay the consumer loan on time, but it depends on the nature of the funder.
For example, consumer loans are provided by banks. After lending, in addition to the borrower's repayment ability, the use and destination of the money will be monitored. For example, if it is found that the use is suspicious and the application submitted is different, the borrower may be required to provide consumption vouchers to verify the actual use. Of course, this voucher cannot contain credit card repayment voucher.
If the borrower fails to provide the corresponding vouchers, or the credit card repayment vouchers provided, it will be regarded as illegal use of consumer loans, and it is very likely that the borrower will be required to settle the loan in advance, which will bring great repayment pressure to borrowers with weak economic ability. If it can't be paid off in one time, it will be overdue, which will affect credit and will also result in penalty interest and liquidated damages.
The above is the related introduction of "How to repay credit card with consumer loan". I hope it will help everyone.