What happens when you have no money for one month by installment?

Installment payment will be overdue if there is no money for one month, which will lead to overdue payment according to the contract. Overdue interest will be generated, which will affect the credit information, and in serious cases, it will be prosecuted by the court and imprisoned.

Generally speaking, every bank will charge a certain interest for overdue repayment, which is different from each bank, and is generally five ten thousandths of the interest. However, the value date should be calculated from the date of consumption, not from the day after the last repayment date. It is suggested that if the credit limit is not fully repaid, the minimum repayment amount can be repaid first, and there will be a buffer period without affecting the credit limit.

Extended data:

Installment payment was developed after the Second World War. At first, it was limited to buying ordinary daily goods or services. Later, with the rapid development of productivity, the scale of industrial and agricultural production is expanding day by day, and the required expenses are increasing day by day. In addition, with the development of bank credit, the field of installment payment has expanded to enterprises that buy large machinery and equipment and raw materials.

With the improvement of China's financial services and the change of people's consumption habits, installment payment, which is popular abroad, has been introduced to China and quickly recognized by domestic consumers. It is usually young people who have poor current payment ability but have consumer demand who spend by stages.

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