1. There is no specific amount limit for the collection of liquidated damages in the online loan contract. Therefore, it is not illegal to stipulate the amount of liquidated damages in the contract. So according to the information you provided, if you knew and agreed that the penalty was 20,000 when signing the contract, then the contract is legal.
According to the situation you described, the amount of liquidated damages is too high relative to the loan principal, which may be unreasonable. However, to determine whether there is a problem, you need to carefully check the specific terms in the contract and may need to consult professional legal advice.
3. I suggest you read the contract carefully, negotiate with the loan platform, understand the rights and obligations of both parties, and seek feasible solutions. If the platform is unwilling to negotiate, you can try to communicate with the platform to solve the problem.
When dealing with such problems, it is very important to know the relevant laws and regulations and your own rights and interests. Therefore, I suggest you go to Qingquan to get a personal credit big data report, so that you can clearly understand your credit status, understand relevant laws and regulations, and be more confident when negotiating with the platform.
Summary: According to the information you provided, there may be problems with the amount of liquidated damages agreed in the loan contract, but to accurately evaluate the legality and solutions, it is necessary to carefully analyze the terms of the contract and may require legal advice. When dealing with such problems, it is very important to know the relevant laws and your own rights and interests. In addition, obtaining personal credit big data report can also provide you with more detailed information and guidance.