1. collection action: the borrowing institution can collect debts by telephone, SMS, email, etc. , and entrust a third party to collect the company for recovery.
2. Negative credit record: overdue loans may cause negative credit records to be reported by credit reporting agencies, which will adversely affect your future credit evaluation and application for other loans.
3. Legal proceedings: Lending institutions have the right to pursue your debt liability through legal means, including suing you and applying for enforcement, further increasing your economic burden.
4. Accumulation of interest and late fees: Overdue repayment usually leads to the accumulation of high interest and late fees. If it is not paid for a long time, the amount of debt may continue to increase.
Summary:
If you can't repay the online loan, you may face collection actions, bad credit records, legal proceedings and the accumulation of interest and late fees. In order to avoid these consequences, it is suggested to communicate with lending institutions in time to negotiate solutions and seek professional advice or help avoid possible risks.
Extended data:
In China, lending behavior is bound and protected by law. In the case of debt disputes, legal proceedings may involve negotiation, mediation, arbitration or litigation between creditors and debtors. The specific situation will vary according to the region and relevant laws and regulations. Please consult local legal professionals for accurate advice.