WITH THE DEVELOPMENT OF THE INTERNET, INTERNET LENDING HAS BECOME ANOTHER WAY FOR PEOPLE TO ACCESS FAST-TRACK FINANCE, WITHOUT COLLATERAL, WITHOUT A CREDIT BACKGROUND, WITH SIMPLE OPERATIONS, AND WITH INCREASING POPULARITY. HOWEVER, RANDOM LOANS BY SOME AND NON-PAYMENT OF THEIR CONTRACTUAL REQUIREMENTS HAVE LED TO A GROWING PROBLEM OF OVERPAYMENT OF LOANS ON THE INTERNET, AFFECTING THE HEALTHY DEVELOPMENT OF BANKS AND P2P LOANS. SO A LOT OF PEOPLE WOULD ASK, HOW LONG BEFORE THE INTERNET LOAN IS DUE? THE FOLLOWING IS AN ANALYSIS FROM SEVERAL ANGLES。

How long has the Internet loan been overdue

FIRST, THE DELAY IN FILING THE LETTERS WAS CONTRACTED BY THE BANK AND THE P2P LOAN CONTRACT. IN PARTICULAR, MANY BANKS HAVE SPECIFIED IN THEIR LOAN CONTRACTS THAT IF THE BORROWER DEFAULTS ON REPAYMENT BEYOND A CERTAIN PERIOD OF TIME, THE LETTER OF CALL WILL BE SENT IMMEDIATELY. THE P2P-NET LENDING PLATFORM IN THE COUNTRY, ON THE BASIS OF ITS OWN WIND CONTROL SYSTEM AND LOAN CONTRACTS, SETS OUT ITS OWN TIME FRAME FOR THE BUYER AND SELLER TO SUBMIT A LETTER OF REQUEST. AS A RESULT, THE TIMING OF REPORTING FROM DIFFERENT BANKS AND P2P LENDING PLATFORMS IS DIFFERENT AND BORROWERS NEED TO CAREFULLY READ THE TERMS OF THE CONTRACT。

SECONDLY, THE LEGAL AND REGULATORY RESTRICTIONS ARE ALSO TAKEN INTO ACCOUNT WHEN A LETTER IS SUBMITTED AFTER THE DEADLINE. AT PRESENT, THERE ARE STATE REGULATIONS FOR INDIVIDUAL LETTERS OF CREDIT AND CREDIT INSTITUTIONS ARE REQUIRED TO COMPLY STRICTLY WITH THE LAWS AND REGULATIONS, AND ARE NOT PERMITTED TO REPORT AND DISCLOSE PERSONAL CREDIT INFORMATION. THE LAWS AND REGULATIONS REQUIRE BANKS OR P2P WEB-BASED LENDING PLATFORMS TO REMIND BORROWERS OF REPAYMENTS WITHIN 30 DAYS OF THE DELAY. IF THE PAYMENT IS STILL OUTSTANDING FOR 90 DAYS, THE BANK OR THE P2P-NET LENDING PLATFORM WILL NOT BE ABLE TO REPORT TO THE INSTITUTION. DURING THIS PROCESS, THE LETTER-RECEIVING AGENCY ALSO REVIEWS THE OVERDUE RECORDS, AND THE NON-RECEIPT RECORDS ARE NOT REPORTED. BORROWERS SHOULD THEREFORE LEGALLY PAY IN COMPLIANCE TO AVOID THE INTRODUCTION OF LATE RECORDS INTO THE SYSTEM。

Lastly, the amount of the overdue amount should also be considered in the letter of call. In general, the longer the delay, the more likely the letter is to be reported. However, if the amount borrowed was only several hundred dollars, the delay would not have had a significant impact on credit records. When the overdue amount exceeds a certain limit, the letter-receiving agency would consider it to be a malicious act of arrears, which would adversely affect credit records. Thus, not only is the amount overdue, but also the size of the amount overdue is one of the factors considered by the letter-taking body。