Is it true that the online loan freezes the property under its name within the time limit?

Of course not. Only the court has the right to take compulsory measures such as freezing and sealing up, and creditors need to apply in advance. Even if the court takes compulsory measures, it can only target the debtor himself, not others, and the loan platform has no right to impose fines. Therefore, the loan platform as a means of collection is excessive and even illegal.

How long can online loans be overdue?

For overdue online loans, the requirements of each platform are different, but the basic principle is the same. For overdue projects, there will be a guarantee period ranging from a few days to dozens of days. For the borrower, if your online loan is overdue, the first thing you will face is high interest, and there will be an overdue record on your credit record, and the corresponding overdue level will be higher. If the overdue period is serious, the corresponding overdue degree will be higher, and you will want to apply for a loan later. For investors, if the borrower repays within the guarantee period, the platform will pay you some overdue interest. If the borrower fails to repay the loan within the guarantee period, the platform will purchase your creditor's rights and pay your principal and interest. Of course, the premise is to see how your object and platform are agreed, which will be explained in the contract.

What is the impact of overdue online loans?

The impact of overdue online loans is different, depending on the severity of overdue. Through various understanding and verification, Bian Xiao can basically sum up the following points:

(1) Penalty interest and liquidated damages

As we mentioned earlier, for borrowers, if your online loan is overdue, the first thing to face is high interest and liquidated damages. If you don't want to fall into the endless cycle of online loans, you'd better develop good repayment habits and treat online loans with caution.

2 credit will be damaged.

Whether you borrow money from banks or the money from online lending platforms, if you don't pay it back within the time limit, you will not only face interest and liquidated damages, but also credit damage and tarnished credit records. It will be much more difficult to apply for a credit card or loan in the future. Some people think that overdue online loans will not affect their credit information. In fact, this idea is wrong. At present, the online lending platform and the central bank have an interconnected encryption system, and the online lending platform will have a set of sharing.

(3) bear all kinds of collection methods, and even go to jail in severe cases.

If there is still no repayment in the above situation, then you should be prepared to face various collection methods on the platform. If the borrower still refuses to pay back, he will appeal to the court. Many people may be concerned about whether online loans will go to jail if they are overdue. In fact, such things usually belong to civil disputes and do not rise to the criminal level. However, if the borrower refuses to implement it, or has the ability but fails to pay it back, then the court will investigate the criminal responsibility of the borrower, and if the circumstances are serious, there may be imprisonment.