The loan was not frozen successfully. Do I need to pay back?

If the freeze is not successful, there is no need to repay the loan. According to the China Banking Regulatory Commission's "Seven Prohibitions" on the credit business of banking financial institutions,

1, loan transfer is not allowed. Bank credit business should adhere to the principle of real loan and real payment, pay the loan funds directly to the borrower's counterparty in full, and may not set terms or negotiate to convert some loans into deposits.

3, are not allowed to charge by loan. Banking financial institutions shall not require customers to accept unreasonable intermediary business or other financial services and charge fees by issuing loans or providing financing in other ways.

4. No floating interest expense. Banking financial institutions should follow the principle of separation of interest and fees, strictly distinguish between interest collection and fees, and must not decompose interest into fees, and it is strictly forbidden to raise interest rates in disguise.

5. Lending and tying are not allowed. Banking financial institutions shall not bundle or tie in financial products such as wealth management, insurance and funds when granting loans or providing financing in other ways.

6. It is not allowed to float to the top. The loan pricing of banking financial institutions should fully reflect the capital cost, risk cost and management cost, and generally should not raise the loan interest rate to the highest limit.

7, are not allowed to pass on the cost. Banking financial institutions shall bear the due diligence, collateral evaluation and other related expenses arising from loan business and other services according to law, and shall not pass on the operating costs to customers in the form of expenses.

It can be seen that if the online loan is unsuccessful, the customer does not need to repay. Moreover, there will be no freezing of funds in general formal platforms, and this situation of these platforms is likely to be fraud. For example, it may tell you that the loan has been issued and you need to pay 1000 yuan to unfreeze it. This is an obvious fraud. Because the China Banking Regulatory Commission stipulates that the formal loan platform shall not charge any fees to customers before the loan funds are issued, so don't believe it.

Of course, it may scare you. The contract has come into effect and requires you to repay normally. In this case, it is recommended not to worry. Generally speaking, a formal loan contract is binding on both parties. If the other party's loan is not issued, it is before the other party defaults. This contract doesn't come into effect, and you don't have to continue to perform it.