It is suggested to find friends or parents to turn over the loan, or negotiate the repayment date with the bank.
Overdue repayment will have the following impacts:
1. To bear compound interest like penalty interest, if you overdue the micro loan, you will charge 50% of the agreed interest penalty interest on the overdue principal every day. The specific calculation formula is: overdue interest=overdue amount * overdue days * daily interest rate * (1+50%). The daily interest rate of micro loan is generally 0.05%, which is not high, but it is not low after adding the penalty interest.
2. If the collection is overdue, the collector will call.
3. It affects personal credit. Users who borrow more and have a long overdue period will upload non-performing loan records to credit reporting. Once included in the credit reporting blacklist, it will affect their own travel, bank loans, children's schooling, job search, etc.
4. After being sued, the platform will eventually sue users who are seriously overdue and ask the court to help recover their arrears.