Periodicism, as an online financial platform focused on consumption-phased services, is an alternative for many users to buy instalments and to have cash loans. However, we need to measure our own repayment capacity and pay in full and on time to avoid delays and other negative impacts。

What's going to happen if you borrow money in instalments? Is there any negative consequences

You might ask, what happens if I don't pay on time? Please note that such a decision may have unintended consequences because, first of all, you would be faced with late interest rates and other costs. In other words, if you do not pay in full within the prescribed time, there will be overdue costs, including fees for services, defaults and reminders. These costs will accumulate with the increase in the number of overdue days and may eventually well exceed your initial borrowing, thus increasing your financial burden。

Second, your personal credit will be compromised. As a formal micro-credit platform, it reports each user ' s repayment record to the lending system. Any overdue payment would tarnish your credit records and reduce your personal credit ratings. This could affect future credit appraisals and loan applications, or even interfere with your daily credit consumption。

Let's go on about the collection. If your arrears are overdue, the periodic concerts use telephone calls, text messages, mail, etc. to remind you of the repayment. Too frequent accelerations can cause enormous psychological stress on you, affecting your daily work and life. If the delay was too long, the staff would even contact your family and friends, which would undoubtedly harm your reputation。

In the end, your credit rating on the splits will be compromised. Overpayment would reduce your credit rating on the platform, and even if you had settled your arrears, the negative impact would not be eliminated in the short term. In light cases, it will lead to higher interest rates and lower amounts on your loan on the stage; seriously, your account may even be permanently closed, while being asked to settle all arrears once and for all, multiplying your repayment pressure。

In summary, the consequences of late repayment are serious. We should therefore make sound lending decisions, based on our own needs and repayment capacity, in order to avoid excessive lending and non-payment。