What happens if Tik Tok borrows money?

1. Credit information is damaged. The overdue record was reported by the borrower at the meeting, resulting in personal credit damage. The bad information left behind after the deadline will not be eliminated immediately even if the arrears are paid off later. It usually takes at least five years to be deleted by the system.

2. Be charged a high penalty interest. After loans overdue, Tik Tok will be charged a high penalty interest. According to the regulations of Tik Tok, the penalty interest shall be calculated on a daily basis from the date of loans overdue. The longer the overdue period, the more penalty interest, and the greater the repayment pressure of the borrower.

3. It is often collected. After the deadline, the platform will arrange staff to collect the borrower. From the beginning, we have to call to receive late home collection, which seriously affects the normal life of borrowers. If the overdue period is serious and the amount is large, the platform may also recover the money through legal prosecution.

4. Be sued. Once the borrower is overdue for more than 3 months, financial institutions can choose to directly sue the borrower. Tik Tok Credit Loan is a formal loan platform. If the borrower is overdue for a long time, Tik Tok Credit Loan may sue the borrower, and the worst result is that it will be listed as an executor of bad faith.