Will I be sued if my loan is overdue?

Will there be any consequences if I come to borrow money?

Will there be any consequences of overdue loan if I come to borrow money? 1. It will affect credit. Wolaidai cooperates with banks and private credit bureaus. If you are overdue, you may go to the credit bureau, which will affect your credit. 2. Incur high penalties and interest. The interest rate of penalty interest is relatively high. If you are always overdue, the penalty interest will be very high; 3. Being collected. When the WoLaidai loan is overdue, the loan platform will arrange for collection personnel to collect the loan; 4. Be sued. If your overdue amount is large, you may be sued by WoLaidai to the court. If you refuse to repay the loan, you will be included in the list of dishonest people and will be prohibited from spending too much in the future.

1. Welab is an online lending platform launched by Weiyinglian Information Technology (Shenzhen) Co., Ltd. in 2013. Wolaidai provides consumer credit, consumer installments, credit leasing, popular recommendations and other service functions. [1] In March 2021, WeLab announced that it had received US$75 million in financing. The founder and CEO, Mr. Long Peizhi, worked in the management of Citibank and Standard Chartered Bank for fifteen years before founding Wolaidai. Mr. Simon Loong was the Head of Northeast Asia for Standard Chartered Bank, where he managed the personal loan and credit card business in Hong Kong, Mainland China and Taiwan, and transformed it into one of the bank's most profitable and successful businesses in the Greater China region. He was also the head of the Member of the Hong Kong Consumer Finance Management Committee. Mr. Long Peizhi is a certified public accountant and holds a master's degree from Stanford Business School in the United States. In addition, Mr. Long Peizhi is also an advisor to the Shenzhen Consumer Council and a member of the Hong Kong Trade Development Council and the Hong Kong General Chamber of Commerce.

2. Wolaidai has now completed USD 20 million in Series A financing. Investors include Yuri Milner, the founder of the Russian investment institution DST, ICONIQ Capital supported by the leaders of the American Silicon Valley Internet companies, and Strategic investors - China Post and Youle.com, a subsidiary of TOM Group, as well as Sequoia Capital and TOM Group announced earlier. On January 20, 2016, WeLab announced that it had received 1 billion yuan in Series B financing. This round of financing was led by Malaysia’s national sovereign fund Khazanah Nasional Bhd, followed by ING (Dutch International Group), a large European bank, and Yueke Financial Group, a wholly state-owned enterprise under the Guangdong government. On November 8, 2017, WeLab announced that it had received RMB 1.5 billion in financing from Alibaba Hong Kong Entrepreneurs Fund, IFC, a member of the World Bank Group, and other large international banks. In December 2019, WeLab announced the completion of Series C strategic financing of RMB 1.1 billion. This round of financing attracted new investors and follow-up investment from 5 original investors, including investors such as Alibaba Entrepreneurs Fund and China Construction Bank International. In March 2021, WeLab announced that it had received US$75 million in financing.

3. As the first line of defense against loan risks, the review post should pay attention to the acceptance process and be more vigilant. The application materials submitted by the applicant should be reviewed to see if they are complete and the content is complete and compliant; the application Whether the subject qualifications meet the relevant business requirements of our bank and whether there is a bad credit record; whether the purpose of the loan complies with our bank's credit policy and whether it is specific and clear; whether the loan investigation report is completed completely, whether the key financial indicators are calculated accurately and the correct data Is cross-verification of the amount done? Is the customer's credit rating table reasonable? Are the palm suggestions in the investigation report reasonable? Are the borrower's information verified by phone? Does the guarantor of the guaranteed loan understand its guarantee responsibilities? Do the team members of the joint guarantee loan understand its guarantee responsibility? Joint and several liability, etc. For business that does not meet the conditions, it will be returned to the loan officer, who will supplement the corresponding materials or deny the loan based on the review opinions. What will happen if I don’t repay the loan? The consequences are serious!

; With the development of online loans, more and more people choose to apply for loans using mobile phones, and many lending institutions have launched similar software. WoLaiDai is a relatively early loan platform. Many people apply for WoLaiDai every day. I remind everyone to remember to repay in time. If you fail to repay overdue, you will face the following consequences.

1. Overdue repayment affects the credit report. Wolaidai customer service clearly stated that repayments must be made in time according to the contract, otherwise the overdue record will be uploaded to the People's Bank of China Credit Information Center. Once a personal credit report has an overdue record, you will not be able to apply for a mortgage, car loan, or provident fund loan in the short term, which will seriously affect your daily life.

2. As long as the payment is overdue and the payment is overdue, the collection fee will be calculated and charged every day according to the standard agreed in the contract starting from the first day of overdue. The liquidated damages fee of Ilai Loan is relatively high. People said that if they were overdue, the penalty interest for one day would be as high as about 100 yuan, which is quite high. Therefore, in order to avoid being unable to repay the principal, interest, and liquidated damages, it is recommended that everyone repay the loan in time!

3. When the court sues Wolaidai, it will judge whether to sue the borrower based on the loan amount, number of overdue times, overdue time and other factors. Therefore, do not overdue easily, especially if the loan amount is large. If you still fail to pay back the 10,000 yuan, you may be sued to the court, and the judgment may be enforced.

4. Telephone collections are mostly feedback from netizens. Many borrowers said that they would make phone calls and SMS collections on the first day when their loans were overdue. In the later period, there would be many calls every day, which was serious. It will also directly explode the address book. To sum up, no matter what kind of online loan it is, the consequences of overdue repayment are the same. Wolaidai is a relatively old credit platform. It is still very tough on users who fail to repay overdue loans and will take legal measures when necessary. What should I do if my loan is eight months overdue? I have no money to repay the 8,000 loan. It's okay, you won't go to jail.

You won't go to jail if you default on a loan from a financial company, but the creditor can sue the debtor through civil litigation and require the debtor to repay the debt. If you refuse to repay after a court judgment, you can ask the court for enforcement. If the debtor refuses to execute the judgment, he will be included in the list of dishonest persons subject to execution.

According to Article 117 of the "Civil Procedure Law of the People's Republic of China", the adoption of compulsory measures to obstruct civil proceedings must be decided by the People's Court. Any unit or individual who illegally detains others or illegally and privately seizes others' property to pursue debts shall be held criminally responsible in accordance with the law, or be detained or fined.

Article 214 If a creditor requests the debtor to pay money or securities and meets the following conditions, he may apply to the basic people's court with jurisdiction for a payment order:

( 1) The creditor and the debtor have no other debt disputes;

(2) The payment order can be served on the debtor.

The application shall state the amount of money or securities requested and the facts and evidence on which it is based.

Extended information:

"Several Provisions on the Publication of Information on the List of Dishonest Persons Subject to Execution" Article 1: The person subject to execution has the ability to perform but does not perform the obligations specified in the effective legal document, and has Under any of the following circumstances, the people's court shall include the person in the list of dishonest persons subject to execution and impose credit penalties on him in accordance with the law:

(1) Obstructing or resisting execution by forging evidence, violence, threats, etc.;

(2) Using false litigation, false arbitration, or concealing or transferring property to avoid execution;

(3) Violating the property reporting system;

(4) Violation of the order restricting high consumption;

(5) The person subject to execution refuses to perform the settlement agreement without justifiable reasons;

(6) Others who have the ability to perform refuse Failure to perform obligations specified in effective legal documents.

China National People's Congress Network - Civil Procedure Law of the People's Republic of China