However, it is best to pay off the loan as soon as possible. If you really don't have the ability, you can negotiate repayment with the platform.
Delaying the repayment obligation will lead to the following legal risks:
1. Generally, loan contracts with high penalty interest will have default provisions and penalty interest clauses. If the borrower repays the loan on time, it only needs to repay the principal and interest normally. Once the borrower breaches the contract, the borrower needs to pay the corresponding liquidated damages or penalty interest according to the contract.
2. file a lawsuit. If the borrower fails to pay back the money, the lending institution may bring a lawsuit to the court. If the borrower loses the case, he will not only face the auction of assets to pay off debts, but also bear legal fees, preservation fees, execution fees and attorney fees. If your house is not enough to repay the bank loan after the auction, the bank has the right to freeze your bank property. If the borrower refuses to repay the loan, it may be blacklisted. Generally, the person subjected to execution is blacklisted to restrict consumption.
3. Personal credit information is affected. Now many lending institutions are connected with the credit information system of the People's Bank of China, and the credit stain of borrowers' non-repayment will soon be uploaded to the credit information system of the central bank, so it will be very difficult to borrow through other lending institutions. The time of bad credit record is five years, and the bad credit record can only be eliminated if the loan is paid off within five years, which means that once the borrower fails to pay back the money, it will be difficult to borrow from the bank or apply for a credit card in the next five years.
4. Work may be affected. At present, civil servants, enterprises and institutions and other institutions that work well will check personal credit information. If there is something wrong with your credit information, it will undoubtedly be affected.
5. There will be crazy collections. If the debt is not repaid, the bank will entrust a collection company to collect it. In addition to bombing you with high-frequency phones, the collection company may also send staff to your home, and so on, which will have a very bad impact on your life and work, as well as on your family and friends.