What are the bad effects of borrowing money from borrowers to pay back credit cards? These consequences are known in advance

There are often card friends who have no money to repay their credit cards, and they will borrow money from borrowing money to repay their credit cards. Borrowing money is a consumer loan, and the use of funds is not clearly defined. What are the bad effects of doing so? Let's briefly introduce it today.

what are the bad effects of borrowing money from borrowers to repay credit cards?

Like all consumer loans, borrowing money can be used for personal consumption, including but not limited to decoration, tourism, etc. You can use it according to actual needs. Although there is no clear stipulation that the credit card can be returned, the use of the funds will not be investigated, and there is no need to provide any proof of consumption, which is feasible from the operational point of view.

however, one thing is that borrowing money from the borrower to pay back the credit card is essentially a loan to support the card, and the borrower itself has to pay back. If it can be repaid on time, it will have little impact. Once there is no money to repay, the borrower will be overdue, which will bring some bad effects and consequences:

1. Borrowing money is connected to the central bank's credit information system, and it will not leave a bad record on the credit information report, which will damage the personal credit information, even if the debt is paid off. This is not conducive to applying for a card loan in the future, and it will also affect the sesame score. The sesame score will be reduced, and other services on Alipay will be limited. For example, it may be impossible to use flowers and borrow flowers.

2. overdue loans will not be collected, especially by telephone. at any time, users may be called to make repayment, especially when they get a reminder call at work every day, so they can't concentrate on their work at all, and they are bothered to think about it, and may even burst the address book, making a mess of their good life.

In short, borrowing money from the borrower to repay the credit card may have bad consequences. It is suggested to measure your repayment ability before borrowing, borrow within your ability, and repay on time, try to avoid overdue, so as not to affect your life and work.

is it cost-effective to repay the credit card by borrowing it? I'll take you to calculate an account.

You can also repay your credit card by borrowing it. This function is in trial operation, and it is estimated that it will take some time to meet you. However, although it is free to repay the credit card by borrowing it, the installment itself requires interest. So, is it cost-effective to repay the credit card by borrowing it? Let's calculate it below.

in fact, to borrow money from the borrower and return it to the credit card, and then repay it in installments. As mentioned earlier, you have to pay interest by installment. Although it is paid monthly, it is paid at a daily interest rate of 45-4/1. However, there are two repayment methods: equal monthly payment, interest first and principal later, and the total interest will be different.

for example, suppose you borrow 1, yuan to pay back the credit card in 12 installments, with a daily interest rate of 4/1, and the total interest for equal repayment every month is 1,5 yuan after interest. Comparatively speaking, the interest of the latter repayment method is more than 6 yuan, which is definitely more cost-effective.

however, whether it is really cost-effective, let's compare it with the credit card installment fee. Suppose the same amount is 1, yuan, and the credit card is divided into 12 installments. The total handling fee for each installment is 78 yuan, which is 69 yuan less than the monthly repayment.

to sum up, it is still relatively high to borrow money to repay the credit card interest, which is not very cost-effective. If you really don't have the money to repay, let's go through the installment repayment, which will not only ease the repayment pressure, but also have less interest than borrowing money to repay. Not to mention the occasional installment, it is also helpful to raise the credit card amount.

can I return my credit card if I borrow it?

Of course. One of the advantages of Alipay is that it can be repaid as it is borrowed, and the threshold for applying for opening is very low. You only need sesame credit score above 6, and you don't need other audit materials. It takes up to one year, and you can repay it in installments. Now there are two channels to repay credit cards, one is Alipay, and the other is bank card repayment. :

(up to 1% cash withdrawal amount, and the cash withdrawal fee is as low as each transaction in 5 yuan)

How can I repay my credit card when I borrow it from an ant?

Many friends have consulted and said that they want to take the money borrowed from an ant to repay the credit card, but they don't know whether they will support it or not. I think that ants are only responsible for lending you money, and they will not care whether they take the money back to the credit card or something. Let's take a look at how to borrow it and return the credit card.

1. Can ants borrow money to pay back their credit cards?

Ant borrowing money is similar to micro-credit products. Users with a sesame credit score of more than 6 will have the opportunity to receive credit lines and apply for loans after upgrading Alipay to the version.

The loan money will be automatically saved in the Alipay balance. As for how to use it, is there any hard and fast rule that ants can't do anything? Anyway, as long as they are happy, you can use it to pay back your credit card or something.

Second, how can ants repay their credit cards?

This requires Alipay's transfer function, and of course, Alipay's "credit card function" can also be used directly. However, I think that using the "credit card repayment" function can basically only repay my credit card. If you want to repay someone else's credit card, I'm afraid you have to transfer it.

Borrowing and returning the credit card can only be said as indirect repayment. Users who want to return the credit card click Transfer, select the transfer method as "Transfer to Bank Card", enter the name, bank and repayment amount of the credit card to be returned, and click Next to make repayment.

Third, precautions for ants to borrow money for repayment

Since borrowing money to repay credit cards is operated on Alipay, when using Alipay as a third-party platform for repayment, everyone must pay attention to the repayment time. After all, banks have different regulations on the time of repayment, and most banks do not support real-time payment. Therefore, it is best to use a third-party payment platform to repay a few days in advance to avoid overdue repayment.

how long will it take to return the credit card? Depending on the repayment channel

Borrowing is a consumer credit product of Alipay. After applying for a loan, you can lend it to a bank card, and then repay the credit card. This is equivalent to indirectly paying back the credit card, so the arrival time is determined by the credit card repayment channel, and the repayment arrival time of different channels is different.

After the borrowed money arrives, you can use the collection bank card as the repayment card, and make repayment through Alipay channel or other channels. Here are three common channels for repayment:

1. Repayment through Alipay's credit card function:

Choose the bound credit card for repayment, and choose the collection bank card as the payment method. This channel can repay the credit card, which can be divided into three types in the time of receipt, namely, immediate receipt and arrival on the same day.

However, in this repayment method, the repayment fee will be charged, that is, if the repayment amount exceeds 2, yuan, the excess part will be charged at the rate of.

2. Pay back the credit card through Alipay transfer function:

You can not only pay back your own card, but also someone else's card. The arrival time is determined by Alipay transfer time. There are three kinds of arrival time, namely, it is expected to arrive within 2 hours, before 24 o'clock on the same day, and before 24 o'clock tomorrow. The specific arrival time of the credit card issuer shall prevail.

transferring money and returning the credit card in this way will involve a transfer service fee, which is charged at 1% of the transfer amount.

3. Pay back the credit card through mobile banking:

For example, you can use the mobile banking of the receipt card to make transfer repayment, enter the credit card, name, repayment amount, etc., and pay with the borrowed money in the receipt card. This way, you can pay back free of charge and receive the account in real time at the earliest.

that's the introduction of "how long will it take to repay the credit card", and I hope it will help you. In short, it is best for everyone to choose a channel that can get the credit card quickly and repay it for free, so there is no need to worry that the repayment will not arrive immediately, and things that affect the credit will happen after the deadline.

let's stop here with the introduction of borrowing and returning credit cards.