What are the consequences of frequent online loans?

If the online loan is not repaid, the first thing we will face is penalty interest and liquidated damages. In addition, online loan companies will request loans through text messages, phone calls, etc., affecting the lives of borrowers. For a larger amount of arrears, online lending companies can sue in court. If the borrower is ordered by the court to enforce the debt but refuses to do so, if the circumstances are very serious, he may also face criminal liability.

Legal Basis

Article 577 of the Civil Code: If a party fails to perform its contractual obligations or performs its contractual obligations inconsistently with the agreement, it shall be responsible for continuing the performance and taking remedial measures. Or liability for breach of contract such as compensation for losses. Article 313 of the Criminal Law: Anyone who is capable of executing but refuses to execute the judgment or ruling of the people's court, if the circumstances are serious, shall be sentenced to fixed-term imprisonment of not more than three years, criminal detention, or a fine; if the circumstances are particularly serious, he shall be sentenced to fixed-term imprisonment of not less than three years but not more than seven years. , and impose a fine.