What are the final consequences of non-repayment of small loans?

Legal analysis: the consequences of non-repayment of microfinance include: overdue credit records will seriously affect personal credit, and users will not be able to apply for other credit businesses; A long overdue time will generate a large number of overdue fees and increase the repayment burden of users; Small loan companies may sue users; During the overdue period, users will encounter SMS and phone calls for collection. Therefore, the consequences of non-repayment of micro-loans are more serious. Users must repay as soon as possible after they are overdue to avoid the impact of overdue records.

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

Article 667 A loan contract is a contract in which the borrower borrows money from the lender, repays the loan at maturity and pays interest.

Article 680 usury is prohibited and the loan interest rate shall not violate the relevant provisions of the state. If there is no agreement on the payment of interest in the loan contract, it shall be deemed that there is no interest. If the loan contract does not specify the payment method of interest, and the parties cannot reach a supplementary agreement, the interest shall be determined according to the local or the parties' trading methods, trading habits, market interest rates and other factors; Loans between natural persons are regarded as interest-free.