With the rapid growth of Internet finance, more and more people are beginning to use Internet-based lending to solve financial difficulties, but, behind this seemingly convenient and fast-tracking background, the credit of borrowers is beginning to gain attention. So, what if I can't afford to go to jail? This is a matter of concern to many。

Can't you afford to go to jail

First, we need to understand that Internet lending is essentially a private lending act and that its legitimacy is guaranteed. Borrowers need to sign agreements on web-based lending platforms that specify when and how to repay. Under normal circumstances, the borrower agreed to repay the loan, and the web-based lending platform charged the borrower interest. The borrower would be exposed to legal risk only if the repayment was overdue。

How, then, would the borrower be penalized for overpayment? First, the web-based lending platform reminds the borrower of repayments and adds a certain amount of late payment; if it reaches a certain percentage of late cash, the web-based lending platform can blacklist the borrower and inform the caller that it affects the borrower ' s credit record; and if the borrower is long overdue, the web-based loan platform can bring the borrower before the court for proceedings to obtain repayment of principal and interest and bear the costs associated with default and overdue interest in civil cases。

In addition to this, the borrower is at risk of criminal liability. Under article 281 of our Criminal Code, the offence of unlawful receipt of public deposits is a serious economic offence if it involves the collection of large amounts of public deposits in an illegal manner, in serious circumstances and in a manner detrimental to the socio-economic order. If the web-based lending platform operates irregularly, attracts borrowers at high interest rates, collects profits and does not have a real repayment capacity, it constitutes an offence to illegally absorb public deposits, and criminal penalties are imposed on the platform operator and the persons involved。

It needs to be made clear, however, that ordinary personal network loans are often not related to criminal liability but are addressed in civil proceedings. Only in very few cases, when related acts, such as the offence of unlawful taking of public deposits, are involved, can borrowers be held criminally liable for cyber-lending。

Finally, we need to remind that Internet lending is an easy way of borrowing, but it also needs to be used rationally, not to borrow blindly, to contact Internet lending platforms in a timely manner, to negotiate solutions and to safeguard their credit records and financial security。