The consequences of not paying back the loan easily

(a) to apply for credit from the central bank. If the borrower is overdue, Haoyiyue can report the borrower's bad credit record to the central bank's credit information system. A stain on a person's credit report will have a great impact on his future financial activities. It is difficult for him to apply for a loan and a credit card in the future.

(2) Pay penalty interest. If the borrower fails to repay the loan in time, Yi Hao Lending will calculate the overdue penalty interest that the borrower needs to pay from the first day of overdue. The default interest rate is much higher than the normal loan interest rate, and the borrower needs to pay a lot of extra fees. For those borrowers who are already under financial pressure, this is tantamount to adding insult to injury.

(3) for collection. Borrowing institutions will not ignore their loans, but will try to recover their loans. Easy loan is no exception. Haoyi Loan Association will arrange staff to find ways to collect overdue repayment and ask them to repay as soon as possible. The collection methods commonly used in Yi Hao include telephone collection and SMS collection. The staff will constantly call and send text messages to borrowers to urge them to repay as soon as possible.

(4) legal proceedings. In the case that the borrower maliciously defaults on the loan and the collection is ineffective, Yi Hao Lending will use legal means to safeguard its legitimate rights and interests, and the borrower may be sued in court.