Because first of all, Baiqian Finance is not a formal online loan, and its annual interest rate is not protected by the state and laws. If he wants to sue you, he will take the initiative to ask, so there will be no such stupid financial company, but he will always accept it. Secondly, if you don't pay back for a few years, you will be in a state of bad debts. The relevant financial and insurance companies have paid in advance, and then transferred the bonds to a third party for collection, becoming private debts, so they will not appeal to the court.
1. If you don't repay the loan in the early stage, you will encounter telephone collection and SMS collection to remind the borrower to repay the loan on time;
2. If the collection fails, because Bai Qian obtained the contact information of relevant contacts or work units in the application materials, he may contact relevant personnel to collect money from the side, which will cause certain troubles to his work and life;
3. If it is overdue or maliciously defaulted, Bai Qian will entrust a third-party collection agency to collect it at home, which may lead to violent collection. In this case, it is recommended to call the police;
In addition, if the arrears are not repaid on time, the accountant will charge high interest and liquidated damages. With the accumulation of interest, the total amount of arrears to be repaid is much higher than the sum of the original principal and interest.
Legal basis: Article 674 of the Civil Code states that the borrower shall pay interest within the agreed time limit. If the time limit for paying interest is not stipulated or clearly stipulated, and cannot be determined according to the provisions of Article 510 of this Law, if the loan period is less than one year, it shall be paid together with the loan; If the loan term is more than one year, it shall be paid at the end of each year; if the remaining term is less than one year, it shall be paid together with the loan.