When it comes to network lending, the low-threshold advantage it has is not what we want, especially when we urgently need liquidity. But if one day we cannot repay the loan on time, and the loan is overdue, can we stop and hang on? What should we do when the loan is overdue

Can we cut interest on the Internet

This is a practice whereby we do not repay the principal for a certain period of time, and we do not have to pay interest or late payments. As to whether or not the network loan will stop interest-bearing depends on our borrowing contract. Generally speaking, the terms of the loan will make clear the rules of interest penalty and interest, and we will have to pay the overdue fine and interest once it is overdue. Therefore, most of the web-based loan platforms will not agree to our interest-back requests, so how are we going to respond to the overdue loan

First of all, we need to communicate actively. If we are in a position to pay back, but the busy work has allowed us to forget the repayment date, then we can immediately pay back and take the initiative to contact and consult with the staff of the Platform for Arrears in an effort not to upload overdue records. The key to this step is to move before uploading to the system, not more than three days at the latest。

In addition, we can appeal on our own initiative. If we are responsible for objective causes, such as unemployment or acute illness, non-subjective factors that cause delays, we should also be proactive in communicating with the platform to describe our situation and await their response. With the approval of the Platform, we can submit a Report on Overdue Complaints to the Centre, and if a complaint is adopted our overdue records can generally be withdrawn after 20 days。

Finally, we can also seek the help of family and friends. We cannot take on all this alone and seek help from family and friends, which may be a way of addressing this short-term burden。

But we must bear in mind that, while flexible approaches to dealing with overdue cases, we must not “loan”, which will only plunge us into deeper debt. When we are no longer economically able to service our debt, borrowing more will only make our debt snowballs even bigger。