Will the address book explode after the credit flight is overdue?

In the current environment, it is a good choice to find an online loan platform for emergency when you are short of money. However, if you borrow, you must pay back. If the borrower's repayment ability is insufficient, it will lead to overdue. Recently, a friend asked Bian Xiao if the credit of the popular online lending platform would fly out of date and the address book would explode. How to calculate the overdue interest on online loans? Today, Bian Xiao will give you a brief introduction!

First of all, let's see if the overdue credit flight will explode the address book. In fact, a formal and reliable consumer finance platform like Credit Fly generally does not take the initiative to explode the address book. However, when the user signs the loan agreement, the platform will clearly inform the user in the contract that if the repayment is overdue, the loan platform has the right to take certain collection measures against the debtor. Including but not limited to telephone collection, SMS collection, reporting credit records, etc. If you don't pay back the money for a long time, the platform may contact the user or the user's emergency contact person by phone or SMS to recover the arrears as soon as possible. Therefore, if you don't want others to know what money you owe, the most fundamental solution is to ensure that you are not overdue. If it is overdue in time, it should be repaid as soon as possible so as not to cause greater losses.

Secondly, let's take a look at the calculation method of overdue interest on online loans. Generally speaking, there are two ways to calculate the overdue interest of online loans:

Daily interest calculation: calculated by multiplying the daily overdue principal by the daily interest rate. For example, the daily interest rate of an online loan product is 0.05%. If the borrower is overdue for 1 day and the overdue principal is 1000 yuan, the overdue interest is 1000*0.05%* 1=0.5 yuan.

Monthly interest calculation: calculated by multiplying the monthly overdue principal by the monthly interest rate. For example, the monthly interest rate of an online loan product 1%. If the borrower is overdue for 1 month and the overdue principal is 1 000 yuan, the overdue interest is 1% * 1 = 10 yuan.

It should be noted that different online lending platforms and products may adopt different interest-bearing methods and interest rate standards. Therefore, when choosing online loan products, you must carefully check the relevant clauses in the loan agreement, fully understand your repayment ability, and avoid extra interest and expenses due to overdue.

In short, whether it is credit flying or other online lending platforms, the consequences of overdue repayment are quite troublesome. Therefore, before applying for a loan, you need to carefully evaluate your repayment ability and choose the most suitable online loan product according to your actual situation. At the same time, within the repayment period, repayment should be made in strict accordance with the agreement to avoid extra interest and expenses due to overdue.