We take the example of a no-mortgage Internet-based borrowing platform to see what happens if you apply for money but don't repay it。

What would happen if we took the loan

First of all, your credit report will be compromised. It reports the customer's overdue information records to the letter system. If there are outstanding loans in your credit records, future credit activities and even some job applications may be hampered。

Second, the loan will follow a collection process. In order to safeguard its interests, the Platform will press for late-payment by telephone or by text message。

Next, the applicant will face a delay in the penalty. After the delay, in addition to the interest due on the original loan, you are required to bear the overdue interest rate, calculated on a daily basis. So the longer you're overdue, the more you'll have to pay。

In addition, your web lending data will be compromised. When you're out of time, big data will reflect your situation, which is not good for you to apply for other Internet loans in the future。

In serious cases, the contractual relationship may be terminated earlier. If you are seriously overdue, the platform may even pre-empt the loan contract with you and require you to pay off the loan immediately, which will undoubtedly increase your repayment pressure。

Even the auction will choose to solve the problem by legal means. If you are suspected of deliberately defaulting on the loan, the platform may use the legal path to defend its interests. Once you get to this point, you may face even greater distress。

In conclusion, the consequences of overdue loans are extremely serious. In order to avoid such a situation, borrowing must be prudent and rational。