What happens if a micro loan is overdue? There are three consequences!

After the microloan is overdue, it has the following effects.

1. The impact of credit reporting.

Micro loans are on the credit report, and after the borrower's loan is overdue, there will be an overdue record on the credit report.

If the loan is overdue for more than 90 days, it will fall into the category of three or six consecutive loans, and borrowers who want to apply for any loan product in the future will basically be rejected.

2. It is constantly collected.

Micro Loan is an online loan, and after the borrower is overdue, it will be frequently collected by the platform.

Common collection methods include ** and SMS reminders.

If the borrower's repayment attitude is bad, the WeLoan staff may directly contact the borrower's family, friends, workplace, etc.

3. High penalty interest.

Penalty interest will be charged on a daily basis from the day of overdue until the arrears are paid in full.

The penalty interest of micro loan is about multiple of the loan interest, and the cumulative calculation will also increase the borrower's repayment pressure.

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Extended Information: How long will I be sued if a micro loan is overdue?

Under normal circumstances, within 90 days of overdue loans, the borrower will basically focus on collection and will not choose to sue.

Once the borrower is more than 90 days overdue, WeLoan will consider suing the borrower.

If the borrower refuses to repay or loses contact after being overdue for more than 60 days, the WeLoan platform may first collect the loan and then file a lawsuit.

Once sued, it is likely to be a civil case.

Generally, in the case of a civil lawsuit, the court will organize a private settlement at the beginning of the litigation.

If the borrower still does not complete the repayment in this mediation, or the negotiation of repayment fails, the court will enforce against the borrower.

After enforcement, all assets in the borrower's name will be frozen.

If the borrower has a car, house, etc., it will be used by the court for auction.

The proceeds of the auction can be used to pay off the arrears.

After the loan is repaid, if there is any excess money, it goes to the borrower.

If the borrower does not have any assets in his name that can be used to repay the arrears, he will be listed as a judgment defaulter.

After becoming a judgment defaulter, the borrower's series of purchases will be restricted, and he will not be allowed to enter or leave any high-spending places.

You can't travel in a second-class seat, and you will also be involved in your family and children.

If it is occasionally overdue, then after the overdue, WeLoan will send a text message and call ** to collect, but the borrower himself will be notified. Only if the borrower cannot be contacted, the platform will contact the borrower's family.

In addition to overdue, long lending is not good will also be included in the online loan blacklist, you can go to: Kingfisher data, detect your own long loans, long loans are mainly the recent application of individuals in lending institutions, it is recommended that you can let yourself slow down first, stop all loan-related operations within three months, and the natural risk index will be reduced after three months, and the blacklist will be eliminated.

If the micro loan is overdue for one month, it will definitely be subject to credit investigation, and not only will you have to pay interest, but also a penalty, and if you are overdue for a longer time, you may be prosecuted.

The first is that it affects your credit information, because it is connected to the central bank, so it is difficult to apply for all the platform funds behind you, and you will be sued if you don't repay.

Normally, overdue microloans will have the following consequences:

1.Recorded in the credit report: If the credit is overdue, it will affect the personal credit report, and form a certain resistance to the borrower's future loan application and credit card application.

2.High penalty interest: After the micro loan is overdue, in addition to the normal interest, it is necessary to pay a high amount of overdue interest, and a penalty interest of 50% of the agreed interest rate will be charged on the overdue principal amount every day until it is overdue.

Overdue penalty interest = overdue principal x daily interest rate x 50% x number of overdue days.

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This answer is provided by Compo Finance, which focuses on the interpretation of financial hot events, the popularization of financial knowledge, adheres to professionalism, pursues fun, makes financial content that people can understand, and conveys financial value in a vivid and diverse way. I hope you find this answer helpful.

Hello, the online loan platform is overdue, and many of them will also be reflected in your personal credit report, which will affect your personal credit report, so that your comprehensive score will be reduced, which will definitely affect your use of micro loans.

If you have an overdue record on other platforms, if you use WeLoan, it will definitely have a certain impact, and your personal credit will be reduced.

Yes, now is the era of big data, and your bad record loan company can find out.