What happens if the money is overdue?

There will be a fine, which will affect our credit information and bring trouble to future loans.

After the deadline, you must go to the central bank for credit information, which will leave a bad record on the credit information. In addition to the central bank's credit information, there may be big data on the Internet. If there are too many overdue records in our credit information or big data, it will be more difficult to apply for other loans, and some loan products will be directly rejected if the credit information is not good.

If the overdue penalty interest is calculated on a daily basis, the penalty interest is about 2 times the normal interest rate. The longer the overdue period, the more interest will be paid, which undoubtedly increases the repayment pressure of the borrower. Moreover, the overdue withdrawal tour will affect the comprehensive score of users, and the credit line granted may be reduced or even cannot be used directly.

If the overdue time is too long, some collection measures will definitely be taken. Whether you send text messages or make phone calls, it will cause some troubles in your life. If it is maliciously overdue and the amount is too large, it is likely to take legal measures to recover the debt and go directly to court for prosecution. If the borrower fails to repay the loan after compulsory execution, it will be classified as the person who has broken his promise and will affect his daily normal life.

There are also objective reasons for overdue repayment, which may be because the borrower did not measure the repayment ability and liabilities at the beginning, which led to the inability to repay the money owed to the small loan company, so he would not go to jail.

If the amount owed is relatively large, and it is verified that the borrower fails to perform the judgment, the microfinance company may apply for compulsory execution within two years. If the borrower refuses to perform, the court has the right to arrest and fine him, and can seal up his bank account and auction his property.

If you use other people's certificates, false information, forged information, etc. When applying for a small loan, then this situation belongs to fraudulent loans. If the amount is large and the circumstances are serious, it will cause great losses and serious consequences to the small loan company, then you will go to jail if you recite the verdict.

Once found guilty of defrauding loans, he shall be sentenced to fixed-term imprisonment of not more than three years or criminal detention, and shall also or only be fined.