What are the consequences of microfinance?

Legal analysis: Microfinance will have the following consequences: 1, and the lending institution will charge overdue penalty interest and late payment fee. 2. Collection by lending institutions. 3. Contact person of the borrower notified by the lending institution. 4. If you don't pay the arrears for a long time, you will be sued by the lending institution to the court.

Legal basis: Article 23 of the General Principles of Loans: 1. The type, term and interest rate of the loan operated shall be announced and negotiated with the borrower. Two, the credit content of the loan review and the conditions for issuing loans should be made public. Three, the lender should consider the borrower's loan application, and timely reply whether the loan. The response time of short-term loans shall not exceed 1 month, and the response time of medium-and long-term loans shall not exceed 6 months; Unless otherwise stipulated by the state. Four, the borrower's debt, finance, production and operation should be kept confidential, except for inquiries according to law.