There are more and more loan platforms on the Internet, and each loan platform can provide professional loan services to borrowers. Quark Loan is currently a relatively well-known loan outlet in the industry, mainly providing borrowers with is a high-quality lending service. What will happen to Quark Loans? Is there a credit report on this platform? Let me introduce you to the actual situation of this loan product in detail, hoping to provide you with some reference.

What will happen if Quark Loan fails?

Consequence 1: Encounter penalty interest and liquidated damages.

If you don’t repay the loan, the first thing you will encounter is high penalty interest. On top of the penalty interest, some financial institutions also require you to pay a liquidated penalty. These fees add up to a large amount of money. expenses.

Consequence 2: Credit damage.

If you borrow money and fail to repay it overdue, your personal credit report will be stained. It will be even more difficult to apply for a credit card or loan in the future. Even for small loan companies, which are not included in the credit report, there is a unique "blacklist" system in the circle. If one company fails to repay, it will be difficult to approve other companies' loans.

Consequence 3: Collection by various means.

Both banks and small loan companies have their own collection systems. At the basic level, they will send you text messages and make phone calls to urge you to pay. For more serious cases, there will even be collection agents following you 24 hours a day, seriously disrupting your work and life.

Consequence 4: Being sued and assets may be seized.

Financial institutions will also arm themselves with laws. If the debt is not repaid, and the amount is relatively large, you will be prosecuted. Once the court pronounces its verdict, you must implement the "repayment ruling" even if you are reluctant. Otherwise, the court will seize the property under your name in accordance with the law and use the proceeds from the auction to repay the debt.

Consequence 5: If the circumstances are serious, you will be jailed.

Generally speaking, incidents such as borrowing money and not repaying it are civil disputes and will not rise to the criminal level. However, if the borrower refuses to comply, insists on being a "bad guy", and would rather run away than pay back the money, if the circumstances are very serious, the court will also hold the borrower criminally responsible, and if the situation is too serious, he will be jailed.

Is there a credit report for Quark Loans?

According to the announcement, Quark Financial stated that overdue borrowers who have not repaid or failed to communicate and negotiate with Quark before May 31, 2019, The company will share overdue borrower information with banks, small loan companies, online loan companies and other relevant financial institutions and report it to credit reports. The platform calls on all borrowers to fulfill their repayment obligations in accordance with the law and repay in advance or on time through the Kwake borrower repayment account to avoid personal credit being affected.

What will happen to Quark Loan? Is there a credit check on Quark Loans? At present, Quark Loan, as a formal loan portal, will inevitably be subject to credit reporting. Once a borrower becomes overdue on the platform, it will have an impact on the borrower's personal credit reporting, directly affecting the borrower's ability to apply for loans on other platforms in the future. Overdue loans on the platform will not only have a negative impact on the borrower's personal credit, but will also incur relatively high loan overdue penalties.