Does it matter if I don't repay the loan for three years? I received a legitimate text message.

1. Credit loans overdue, the lending institution will first collect the loan and remind the borrower to repay, and the interest rate will rise as a daily penalty interest.

2. Affecting credit reporting, banks or other lending institutions have strict auditing standards before lending, one of which is credit reporting records.

3. If the payment is overdue for more than three months, the lending institution will collect the loan according to law and bring a lawsuit to the court according to the loan contract and guarantee contract (mortgage or pledge contract). The court will take measures such as property preservation, including freezing deposits in all bank accounts of lenders and loan guarantors and sealing up pledged property.