How long will online merchants stay in loans overdue, and what will be the consequences?

If the online merchant has been in loans overdue for more than three months, the online merchant bank will have the right to sue. However, the online merchant bank will not bring a lawsuit to the court immediately if the customer is overdue for three months. Seeing that customers are overdue, they mainly urge customers to repay as soon as possible by sending text messages and making phone calls. Unless the customer's overdue time is really too long, and the amount of arrears is relatively large, coupled with repeated reminders, or even no contact, then it is very likely that a lawsuit will be initiated.

The adverse consequences of online merchant loans overdue are very serious. First, there will be overdue penalty interest, and the penalty interest rate is 65438+ 0.5 times the normal loan interest rate. The longer the customer is overdue, the more penalty interest will be generated, and the repayment pressure will be greater and greater. Secondly, it will leave a bad record on the credit report, which will lead to personal credit damage. As a result, the system is likely to freeze the quota, and customers will no longer be able to borrow money, and they will also be unable to borrow money from other consumer financial institutions.

If the defendant refuses to repay the loan after being sued by the court, it may not only be included in the list of people who have lost their trust and restrict their daily consumption and travel, but the court may also enforce, freeze, detain and auction the customer's property to pay off the debt.