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What's the impact of receiving loans overdue's notification letter?

Legal analysis: First of all, overdue will have an impact on your credit investigation according to the length of time. Serious overdue (more than 90 days) credit information is a black account, and you can't apply for any loan business before you pay it off. Secondly, overdue will generate additional expenses such as liquidated damages and overdue interest. It is nothing new that the final interest is longer than the principal for a long time. Please be careful.

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

Article 673 Where the borrower fails to use the loan according to the agreed purpose, the lender may stop issuing the loan, recover the loan in advance or terminate the contract.

Article 674 The borrower shall pay interest at the agreed time limit. If the time limit for paying interest is not stipulated or clearly stipulated, and cannot be determined according to the provisions of Article 510 of this Law, if the loan period is less than one year, it shall be paid together with the loan; If the loan term is more than one year, it shall be paid at the end of each year; if the remaining term is less than one year, it shall be paid together with the loan.

Article 676 If the borrower fails to repay the loan within the agreed time limit, it shall pay the overdue interest in accordance with the agreement or the relevant provisions of the state.