1. Encounter high penalty interest or liquidated damages.
Once online loans cannot be repaid on time, they will first face high overdue fees, including penalty interest and liquidated damages. Generally speaking, when borrowing money, these overdue fees will be marked on the contract, and many people may not care when signing the contract.
Second, in the face of various fancy collections.
Generally, on the first day in loans overdue, the loan platform will start dunning. First of all, it must be a telephone message. The collection stage of telephone messages is long and violent. In the early stage, it may just be a phone message reminder. If there is no repayment after collection, the collection platform will directly explode the address book and even malicious P-map.
Third, it affects personal credit.
Although many online loans do not have credit information now, there will be online loan credit information databases and blacklists. Once bad records are left in these credit information systems, it will be very difficult to borrow them on other platforms. The report or excellent data from the central bank's credit information clearly understand your online loan credit information and overdue information. The online loan data reported by the latter comes from 98% online loan platforms in China, so the data is not only true but also complete. Just find this official WeChat account.
Fourth, being sued by the platform.
If the borrower fails to pay the arrears for a long time, some online lending platforms may also send a lawyer's letter to the borrower and file a civil lawsuit with the local court. Once the court accepts this lawsuit, the borrower's related property may be frozen. If the platform wins the case, the court will force the borrower to repay the loan principal, overdue penalty interest, liquidated damages and other expenses. If it refuses to implement, it may be auctioned by the court to repay the company's expenses.
5. If the circumstances are particularly serious, you may go to jail.
Borrowing money and not paying it back is generally a civil dispute and will not rise to the criminal level. However, if the borrower refuses to execute the court judgment and the amount owed is large, it may be considered as the crime of defrauding loans, and then bear the corresponding criminal responsibility. Once it is found that the circumstances are particularly serious, it may be sentenced to one to three years in prison.