Is there a grace period for Xiaomi Finance to be overdue?

Xiaomi Finance Grace Period

Xiaomi Loan is a formal loan product launched by Xiaomi Finance, which can provide users with cash loans and installment shopping services. Everyone should try not to be overdue when using this product, because this product has been connected to the credit reporting system in 2018, and if it is overdue, it will leave a bad credit reporting record. But if you accidentally overdue, don’t worry too much. Generally speaking, Xiaomi will give users a grace period of three days. If you are overdue within three days, you only need to pay off the principal, interest and liquidated damages in full, which will not affect your credit report. , if it is overdue for more than three days and is not returned after the platform has called for payment, it will be uploaded to the credit report. Therefore, before taking out a loan, you must fully evaluate your repayment ability and make a careful choice.

Consequences of overdue Xiaomi loans: 1. If the fund withholding fails or the customer forgets to repay on the repayment date, the system will have a 3-day grace period for repayment. 2. Loans repaid within the repayment grace period are not considered overdue and no penalty interest will be incurred. 3. If the loan is not repaid after the 3-day grace period, the loan will be considered overdue, and penalty interest will be calculated from the first day after the repayment date. 4. Article 196 of the Criminal Law of my country mentions that credit card overdrafts require you to pay three times directly to the public prosecutor’s office for judgment. It is not a civil matter but a criminal law. However, there will be a lot of text messages and messages before that. Phone reminder. Xiaomi Finance can defer the repayment for several days

Loans borrowed from Xiaomi Finance cannot be deferred, and users are advised to repay according to the agreed time. Penalty interest will be generated after the loan is overdue. The longer the period, the more penalty interest will be generated. Moreover, the platform will collect money after overdue repayment. A common method of collection is to call the borrower's phone number. If you do not repay for a long time, you will call a friend in your address book and ask your friend to urge you to repay.

Xiaomi Finance’s overdue repayments will be subject to a credit report. If personal credit becomes bad, it will affect the processing of various loans, such as car loans and home loans. It should be noted that after the overdue debt is returned, this record will be kept in the credit report for 5 years. After 5 years, it will automatically disappear, otherwise it will always be recorded in the credit report.

In order to avoid delayed repayment after borrowing, users should think about their repayment plan in advance when borrowing, so as to avoid overdue payments. Generally, users can borrow money with confidence when their personal income is high. If your personal income is relatively low, you can reduce the amount of the loan or give up the loan.

When the user cannot repay the loan on time, the user can borrow money from friends around him to repay it, thus avoiding overdue payment. However, users cannot use this method frequently to avoid causing resentment among friends. In fact, when borrowing money online, users can compare different platforms and choose the one with the lowest borrowing interest rate. Borrowing from such a platform will facilitate subsequent repayment. Will Xiaomi Finance sue if it is overdue?

Whether Xiaomi Finance will sue if it is overdue depends on whether the Xiaomi user has exceeded the grace period and whether the user has paid back after Xiaomi's reminder. If the user fails to repay after Xiaomi's reminder, and the amount is greater than 5,000 yuan, Xiaomi will sue. Overdue users will definitely lose the lawsuit and need to bear the loss amount and overdue penalty interest.

Xiaomi Finance cooperates with banks from various places to lend money, and the borrower’s overdue record will be reported to the credit reporting system. If the borrower's overdue amount is relatively large and the overdue time exceeds three months, and the user still fails to repay the loan after multiple calls, Xiaomi Finance will jointly sue the user with the lending bank. The fine after being prosecuted is not the most important. The user's overdue record will be uploaded to the personal credit system. Once overdue records are uploaded to the credit reporting system, borrowers will not be able to get loans from banks or use credit cards.

Borrowers with bad credit records in the credit reporting system will not be covered within five years. This means that borrowers will not be allowed to engage in high-consumption behavior within five years, and will only be allowed to purchase second-class seats when taking trains. Borrowers with serious bad credit records will be banned from flying and high-speed trains. Borrowers will not be able to join large companies, which will conduct background checks on employees when they join the company. And the children of the borrower will not be allowed to enter the government sector.

No matter what the borrowing channel is, you must pay it back on time! What should I do if my Xiaomi Finance online loan is overdue?

The solution is as follows: Jiaocong?

1. Apply for an extension, that is, extend the loan period. The loan extension cannot be too low. to the original loan terms. The extension of short-term loans shall not exceed the original loan period; the extension of medium-term loans shall not exceed half of the original loan period; and the extension of long-term loans shall not exceed 3 years. If the customer does not apply for extension or the application for extension is not approved, the loan will be transferred to the overdue loan account from the day after the maturity date.

2. Borrow money and repay it.

3. Seek help from lending institutions. When the loan is about to expire, choose to seek help from other lending institutions. If the amount is small, you can consider applying for an unsecured loan.

Xiaomi Finance

is a financial technology service platform under Xiaomi Corporation and was officially launched in May 2015. Relying on Xiaomi Group's "mobile phone AIoT" dual-engine strategy, Yefanzha Xiaomi's financial business mainly focuses on the group's ecological chain. Its main business scope includes consumer credit, third-party payment, Internet financial management, Internet insurance, supply chain finance, etc.