What happens when you borrow from a microfinance company: 1. If you really have no repayment ability, you should negotiate with the credit company to extend the repayment period or return it in installments. 2. If the credit company fails to perform the judgment within the performance period after winning the case, it will apply for enforcement. 3. When compulsory execution is accepted, the lender's property, vehicles, securities and deposits will be inquired according to law. 4. If the lender has no property to enforce, refuses to perform the effective judgment, overdue repayment and other negative information will be recorded in the personal credit report, and will be restricted from high consumption and entry and exit, and may even be punished by judicial custody. 5. Refusing to execute a judgment or ruling is suspected of refusing to execute a judgment or ruling.
Formal loans should be linked to personal credit information. When applying for a loan, you should check the credit information. If overdue repayment occurs, it will have a negative impact on personal credit information. I suggest that you make loans according to your ability, repay on time, and maintain credit information.