1. Credit record is damaged: if it is overdue, personal credit record will be negatively affected. This will have an adverse impact on future financial activities such as lending and credit card applications, and may be included in the bad credit list by banks or other financial institutions, making it difficult to obtain higher loans.
2. Collection action: If the borrower fails to repay the loan within the time limit, the borrowing institution will take collection action, including telephone collection and door-to-door collection. These collection behaviors may cause troubles and pressures to the daily life of borrowers.
3. Legal proceedings: If the borrower fails to repay the loan for a long time, the borrowing institution can take legal measures to recover the debt. This may cause the borrower to face legal proceedings, and even be enforced by court decisions, such as freezing bank accounts and sealing up property.
4. High penalty interest and late payment fee: Failure to repay the loan within the time limit usually leads to high penalty interest and late payment fee charged by the borrowing institution. These costs will continue to accumulate, which will increase the loan amount and increase the repayment burden of borrowers.
5, social impact: overdue may also have a negative impact on personal social image. This may affect personal relationships and career development.
Therefore, in order to avoid the above consequences, the borrower should repay the loan on time and abide by the loan contract. If you encounter repayment difficulties, you should communicate with the borrowing institution in time to find a solution to avoid the adverse consequences caused by overdue repayment.
Most people will leave traces of inquiries when using the credit records of the central bank, which is not good for lending friends. Moreover, most online loans have no credit information function, so no specific online loan information can be found in the credit information, but now you can get to know your personal information through "Beijian Quick Query". Without inquiry records, you can learn more about overdue information, application records, untrustworthy information, online loan blacklists and other information.