What are the consequences of Xiaomi loan?

1. Impact on credit reporting: Failure to repay Xiaomi loan will lead to overdue. Once overdue, the system will upload the overdue records to the central bank's credit information system, which will affect the borrower's credit information.

2. Charge penalty interest: Xiaomi loans overdue will charge penalty interest from the overdue date until the borrower pays off, thus aggravating the repayment amount and debt ratio of the borrower.

3. Collection: If the Xiaomi loan is not repaid, the Xiaomi loan staff will collect the borrower and ask the borrower to repay by SMS or telephone. If the borrower fails to repay the loan for a long time, he may even be sued.