What will happen to the overdue e-loan of China Merchants Bank? That's what the bank said

The overdue e-loan of China Merchants Bank may have the following consequences:

1. overdue penalty interest: the bank will charge overdue penalty interest according to the agreed interest rate, and the longer the overdue time, the higher the penalty interest fee will be.

2. Credit records are damaged: banks will report overdue cases to credit reporting agencies, which will have a negative impact on personal credit records, which may lead to a decline in credit rating and affect the success rate of future loans or credit applications.

3. Collection action: The bank will take various collection measures such as telephone notification, door-to-door collection or entrusting professional institutions to collect money. These behaviors may cause harassment and inconvenience to individuals and increase repayment pressure.

Summary: overdue e-loan of China Merchants Bank will lead to overdue penalty interest, credit record damage and collection action. It is suggested that the borrower negotiate with the bank to solve the overdue problem in time to avoid further deterioration.

Extended data:

China Merchants Bank e-loan is a peer-to-peer lending product, which can be applied for and obtained through mobile app or website. The borrower needs to repay the loan according to the agreed time, and will face corresponding consequences if it fails to do so. In order to avoid overdue, the borrower can plan the repayment plan in advance to ensure that enough funds are deposited in the account before the repayment date.