Tik Tok, what will happen if the loan is overdue

According to the inquiry of Xicai. com, Tik Tok's loan is overdue as follows:

(1) Overdue fees will be charged. Once Tik Tok's loan repayment is overdue, the system will charge penalty interest on a daily basis from the overdue day until all the arrears are paid off. The longer the user is overdue, the more overdue fees will be generated, and the repayment pressure will be greater and greater.

(2) Personal credit will be damaged, so Tik Tok can borrow the credit information from the central bank, so the overdue information will be submitted to the central bank for credit information by the system, leaving a bad record in the personal credit information report, which will lead to personal credit damage (note that the overdue bad information on credit information can not be eliminated immediately even if the debt is paid off later, but it may be deleted after at least five years).

(3) Lending with confidence restricts borrowing. After the repayment of Tik Tok Lending with confidence is overdue, the system will probably implement risk control and downgrade according to the severity of the overdue circumstances of users, or even directly freeze the loan amount and close the loan account, thus restricting the subsequent use function of Tik Tok Lending with confidence.

(4) Subsequent lending is hindered, because Tik Tok's credit is damaged due to the overdue loan, and it is difficult to quickly repair the credit information in a short time. Therefore, subsequent users will be hindered to some extent whether they go to banks or other licensed consumer financial institutions to handle credit business, and it is difficult to handle it successfully before the credit is repaired.

(5) platform collection and prosecution. For overdue arrears of users, Tik Tok can rest assured that the collection will be carried out by sending messages and calling. However, if the platform fails to respond to repeated reminders, or even can't contact people, and the amount owed is quite high, in order to recover the money, the platform may also sue the user to the local people's court.