1. overdue penalty interest and late payment fee: according to the contract, if repayment is not made on time, overdue penalty interest and late payment fee will be generated. These expenses will increase over time, increasing your repayment burden.
2. Bad credit record: the borrower's failure to repay on time will have a negative impact on personal credit record. This may lead to a credit rating decline, making it difficult to obtain other financial services such as loans, credit cards or housing loans.
3. Collection action: Borrowing institutions can take legal measures to recover the arrears, such as entrusting collection companies to call, send text messages or collect at home. In some cases, they may take further legal action, such as bringing a lawsuit to court.
4. Property is executed: If the borrower gets a judgment through legal procedures and you still don't repay the loan, they may apply for enforcement, freeze your bank account, seal up the property or auction the property to repay the debt.
Summary:
Borrowing online loans will not lead to overdue fees, damage to credit records, collection actions and property execution. It is suggested that the borrower should fulfill the contract on time and negotiate with the borrowing institution to solve the problem in case of repayment difficulties, so as to avoid adverse consequences.
Extended data:
-China's "Contract Law" stipulates the legal liability of loan contracts and the way to deal with breach of contract.
-The People's Bank of China has established a personal credit information system to record personal credit information and share it with financial institutions to evaluate personal credit status.
-Borrowers should raise their risk awareness, borrow cautiously, plan their finances rationally, and avoid excessive borrowing or non-repayment.