Let's talk about something that you might have thought about: what happens when a loan is overdue? In recent years, Internet finance stations have come to the fore, and well-sprayed web-based lending platforms have become blind. Microparticle lending, a well-known web-based lending platform, has received unanimous feedback from users. But there are also users who have experienced problems with overdues, so what happens when they are overdue

What are the effects of the overdue loan

First and foremost, the overdue loan of particulates will be marked on your personal credit report as it is. This impact is undoubtedly overlooked by a significant number of users. Banks, credit-seeking institutions and other financial institutions can search the report, and credit ratings can decline as long as they have overdue records. This could have implications for your future applications for loans, credit cards and other financial products. If you still have a need for borrowing in the future, it is important to avoid delays。

Next, the loan overhang will increase your repayment pressure. Overdues also accumulate over time. If you are no longer able to pay, then it is likely that the collection agency will come in person to collect the money, or use phone calls, text messages, etc., to press you to pay back, which will cause considerable trouble. In the event that the loan cannot be returned for a long period of time, the collecting institution may choose to follow legal procedures and, seriously, may even face legal accountability。

As for the question in your mind as to how long the loan is overdue, the bank loan product usually has a grace period of three days. Then, as a product of micro-banks, they also enjoy the three-day grace period. No overdue information will be recorded in the letter-writing report within these three days if you are able to pay back the full amount。