When applying for Internet loans, we tend to choose familiar platforms, such as loans to pay for treasures. However, timely repayment is a basic requirement for borrowing this type of loan. What happens if you don't pay your bills on time, or you're late

What happens when the loan is overdue

First of all, you'll find your loan function restricted. Not only would it be unserviceable, but other credit products, such as flowers, would also be affected. To restore these functions, you need to pay back as soon as possible. The system is then re-evaluated, and if you fulfil the conditions, you can continue to use the loan, otherwise you will have to wait。

Second, borrowings may be reduced by overdrafting or may even be eliminated altogether. Old users usually borrow higher amounts; however, the overdue is a borrowed red line. Once overdue, this may result in reduced or unserviceable amounts。

Besides, borrowing time will affect your credit records. Overdue records are first transmitted to sesame credit and then to the financial credit information base database. Your overdue records will also be reported to the letter of call system, subject to compliance with the rules of the line。

Finally, you have to pay overdue interest. Although borrowing is a formal lending platform, it has higher interest on borrowing than on banks and is subject to a penalty rate of 1.5 times the normal loan rate after the delay。

Assuming that you are overdue, you need to proactively contact the platform, explain the reasons for your delay and indicate your willingness to pay, and you can even ask if the paying customer service can extend the repayment period or in instalments。