What if the online merchant loan is not repaid?

Legal analysis: the failure of online business loans will not only affect personal credit, but also impose penalty interest. Users are advised to contact the online merchant bank directly to see if they can negotiate to extend the repayment period. Or borrow money from friends and relatives around you, first settle the money borrowed by online merchants, and then slowly pay back the money of friends and relatives, so as to ensure that you can repay on time without affecting your personal credit.

Legal basis: Interim Measures for the Administration of Personal Loans.

Article 38 The lender shall, according to the provisions of laws and regulations and the stipulations of the loan contract, hold the borrower liable for breach of contract for not providing true and complete information and not using or paying the loan according to the purpose agreed in the contract.

Article 39 With the consent of the lender, individual loans may be issued. For personal loans within one year (inclusive), the cumulative extension period shall not exceed the original loan period; For personal loans of more than one year, the cumulative extension period and the original loan period shall not exceed the maximum loan period stipulated by the loan variety.

Article 40 The lender shall recover the loan principal and interest in accordance with the loan contract. For the loan that is not repaid according to the loan contract, the lender shall take measures of collection or agreement restructuring.