Received a text message saying malicious loan fraud

Legal analysis: If a huge loan is owed, the banking institution will take the following measures: 1. First, the bank will call the borrower to collect debts. 2. If the borrower still fails to repay the debt after debt collection, there will be a certain penalty interest and a bad credit record for himself. 3. If the borrower still fails to repay the loan, the bank will send relevant staff to collect it in person. 4. If the borrower fails to repay the loan until the end, the bank will take legal measures to protect its rights and interests through law. If the borrower applies for a mortgage loan, the collateral will be auctioned by the court, and then the proceeds from the auction will be used to repay the loan.

Legal basis: Article 193 of the Criminal Law of People's Republic of China (PRC) defrauds banks or other financial institutions of loans for the purpose of illegal possession, and if the amount is relatively large, he shall be sentenced to fixed-term imprisonment of not more than five years or criminal detention, and shall also be fined not less than 20,000 yuan but not more than 200,000 yuan; If the amount is huge or there are other serious circumstances, he shall be sentenced to fixed-term imprisonment of not less than five years but not more than ten years, and shall also be fined not less than 50,000 yuan but not more than 500,000 yuan.