What should I do if I owe the online loan and can't afford it?

If the online loan cannot be repaid within the time limit, it is recommended to take the initiative to explain to the platform customer service that you are temporarily unable to repay, and prepare relevant materials to prove that you did not intentionally repay, and then try to apply for an extension of the repayment period and repayment by installments.

The platform should be considered as appropriate. If it finally agrees, it can negotiate a new repayment plan with the platform, and then repay in installments on time according to the new plan. However, the platform may also refuse. If negotiation fails, we can only find another way, such as trying to borrow money from family and friends around us.

However, it should be noted that some online loans are not formal and may be deliberately charging high interest. Once you find that your online loan has reached the standard of usury, you can actually choose not to pay back the fees beyond a reasonable range. If the platform keeps dunning, it can also collect relevant evidence and report it to the local CBRC or China Internet Finance Association.

When applying for online loans, if there are overdue or multi-platform loan records, your information will be analyzed by big data risk control. If you are repeatedly rejected, it may even lead to the closure of your account, such as Bai Hua. If your network hacking data is abnormal, you can get your big data and credit status by looking up "Sixi Data". In addition, this query can obtain important data information such as your personal credit status, blacklist, application platform type, overdue status, overdue amount, and whether there are arbitration cases.

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How to repay the principal through online merchant loan negotiation?

According to the official information of online merchant loans, online merchant loans do not support deferred repayment, nor can they negotiate repayment. After applying for a loan, the lender must act in accordance with the contents agreed in the loan contract. After loans overdue, the lender needs to bear the consequences of credit damage and the pressure of penalty interest, and the lender cannot reduce the loan through negotiation.

Penalty interest was originally a tool set by lending institutions to deter lenders from overdue. If the lender can only repay the principal through negotiation, it will undoubtedly harm the interests of the lending institutions, which is definitely unacceptable to them.

Therefore, after applying for an online merchant loan, in order to avoid a series of consequences caused by overdue, the lender should make a good repayment record, repay in full and on time before the repayment date expires, and do not pin their hopes on negotiating repayment after overdue.

The penalty interest generated by loans overdue is often more than the interest in the same period. The longer the loans overdue lasts, the greater the penalty interest pressure, and the greater the repayment pressure of the lender. Therefore, it is best for lenders not to exceed the time limit.