Yes, this is the worst possible outcome. If you can't pay it back, you will naturally find a guarantor and you will definitely pay it back. Unless the amount is relatively large and cannot be repaid, then you can only go to jail. Loans are simply understood as borrowing money that requires interest. Loan is a form of credit activity in which banks or other financial institutions lend monetary funds at a certain interest rate and must be returned.

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1. What is the liability of the guarantor if the money is borrowed but not repaid?

If the money is not repaid, the guarantor needs to bear the guarantee liability agreed upon by both parties in advance. . Generally speaking, private loan contracts involve guarantee obligations, and the guarantor here actually refers to the guarantor. According to the provisions of my country's Guarantee Law, if the debtor borrows money and fails to repay it, the guarantor may need to bear corresponding guarantee liability, which is a substitute debt repayment liability. In other words, the guarantor needs to bear the responsibility of repaying the debt with his own property.

2. If the loan cannot be repaid, can the user apply for a moratorium on interest and principal repayment?

Yes, if the loan cannot be repaid, the user can try to apply for a moratorium on interest and principal repayment, but whether the application can be successful depends on The answer given by the lending institution shall prevail. In fact, interest-free principal repayment is also called negotiated repayment. Users can apply for negotiated repayment after the due date. The contents of negotiated repayment usually include deferred repayment, interest reduction and exemption, and penalty interest reduction.

3. Loans

Loans refer to a form of credit activity in which banks or other financial institutions lend monetary funds according to certain interest rates and must be returned. A simple and popular understanding is Borrowing money that requires interest.

Banks invest the concentrated currency and monetary funds through loans, which can meet the society's need for supplementary funds to expand reproduction and promote economic development; at the same time, banks can also obtain loan interest income, Increase the bank's own accumulation.

4. Will a loan that is overdue for one day affect your credit report?

A loan that is overdue for one day will not affect your credit report. Most loans allow users to pay off a few days later. Different Different bank regulations are different. You can call the bank to consult the bank, so that you can get an accurate answer. No interest will be accrued if you are overdue for one day. It is best for borrowers to repay on time, so that it will not have any impact on the individual. , the bank will call to remind you that the loan is overdue one day, and you can just pay it back in time.

5. How long does it take for overdue credit records to be eliminated?

When the debt is settled, overdue credit records will be automatically eliminated 5 years after the settlement date. If an overdue loan occurs and is never resolved, the bad record will always remain in the individual's credit report. If the user accidentally overdues the credit card and continues to use the credit card for 2 years, good credit will cover up the previous one.