What will happen to Xiaomi's loan?

Legal analysis: 1. In case of overdue penalty interest, the system will charge 0.75% daily, which is a relatively high penalty interest;

2. All kinds of short messages, telephone calls and even address books affect the normal life of individuals and relatives;

3. Xiaomi Loan Credit Information. Credit information overdue for more than one month will be broken, which will affect future credit behavior;

4. It may be sued by Xiaomi Finance to the court and enforced by the court.

Legal basis: Civil Code of People's Republic of China (PRC).

Article 673 Where the borrower fails to use the loan according to the agreed purpose, the lender may stop issuing the loan, recover the loan in advance or terminate the contract.

Article 674 The borrower shall pay interest at the agreed time limit. If the time limit for paying interest is not stipulated or clearly stipulated, and cannot be determined according to the provisions of Article 510 of this Law, if the loan period is less than one year, it shall be paid together with the loan; If the loan term is more than one year, it shall be paid at the end of each year; if the remaining term is less than one year, it shall be paid together with the loan.

Article 676 If the borrower fails to repay the loan within the agreed time limit, it shall pay the overdue interest in accordance with the agreement or the relevant provisions of the state.