What are the consequences of more than 20,000 online loans?

Legal analysis: the consequences of not paying back the loan of more than 20,000 yuan are: (1) high penalty interest: no matter what kind of loans overdue, it will face high penalty interest and liquidated damages, and the longer the overdue period, the more it will increase. It is recommended not to overdue easily. (2) At present, many small loan financial institutions conduct lending operations based on convenient networks. If they don't pay back the money, it may be just a text message or a phone call at first. If they still don't return it, most personal credit reporting companies will choose to use it as a threat, such as blasting the address book, or even asking for money at home, such as being splashed with paint, writing big characters, honking the horn, hitting and looting at home, and insulting threats. (3) If the credit information is damaged and the borrower maliciously refuses to repay, the lending small loan company is likely to lower the borrower's rating or refuse to grant credit, so it will be very difficult to borrow from other platforms in the future. (4) the defendant went to court. If the borrower owes a large amount and is overdue for a long time, it will definitely be sued by the platform. After filing a lawsuit, the court will generally take measures such as property preservation, including freezing deposits in all bank accounts of lenders and loan guarantors and sealing up pledged property.

Legal basis: Civil Code of People's Republic of China (PRC).

Article 667 A loan contract is a contract in which the borrower borrows money from the lender, repays the loan at maturity and pays interest.

Article 680 usury is prohibited and the loan interest rate shall not violate the relevant provisions of the state. If there is no agreement on the payment of interest in the loan contract, it shall be deemed that there is no interest. If the loan contract does not specify the payment method of interest, and the parties cannot reach a supplementary agreement, the interest shall be determined according to the local or the parties' trading methods, trading habits, market interest rates and other factors; Loans between natural persons are regarded as interest-free.