Now, online credit is getting popular, you know why? The main reason is indeed its efficiency and convenience. Access to network loans is much easier and faster than traditional bank lending. All you have to do is fill in an online form and provide the necessary personal information to complete the application process. In addition, you can choose the appropriate amount and duration of the loan, depending on your needs, and benefit from more personalized services. However, network lending is not without risk. Next, let's look at the dangers of overdue Internet loans。

What are the consequences of overpayment? I didn't think it was that dangerous

First, it should be made clear that on-line loan products, whether bank or private, when overdue, would result in substantial interest rates. Moreover, the penalty was calculated on a daily basis and the longer it was overdue, the more arrears would accrue. In general, formal lending institutions receive 1.5 times the rate of contract interest, while small-scale lending companies may charge higher defaults. There were only a few thousand dollars in arrears, and the cumulative amount could grow to tens of thousands by the end of the day。

Next, the overpayment of network loans will also have an impact on personal credit. As the trust society is well and well developed, a growing number of web-based loan products will be connected to the central bank system. If you fail to pay, you leave a spot in your letter record, which will undoubtedly affect your future application for mortgages, car loans, credit cards and other financial credit products. At the same time, even if you apply for a loan without a letter of credit, your default record will be recorded in the big data on Internet lending。

In addition, the overpayment of network loans is likely to be followed up. In the early stages of the delay, it may have been possible to receive a number of reminders or telephone calls, but if the delay is prolonged, there may be a professional caller who will follow you, putting a high pressure on you. If you are in arrears or refuse to pay, you may even be sued by a lending institution and face legal liability。

Therefore, with regard to network lending, we strongly recommend that you plan for the repayment time at the time of the application and select the amount and duration of the loan according to your actual situation, with financial planning and budget to ensure that sufficient funds are available for timely repayment。