The consequences of non repayment of online loan platform loans are as follows:
1. If overdue default interest is generated, once the repayment is overdue, the lender will not only notify the borrower of timely repayment at the first time, but also collect default interest according to the corresponding standards.
2. Overdue records are recorded in credit reporting, but once overdue, they may be reported to the Central Bank's credit reporting system.
3. If the borrower fails to repay the loan, the lender will go through the collection procedure in order to recover the arrears, such as SMS collection, telephone collection and door-to-door collection.
4. May be prosecuted.
[Legal Basis]
Article 207 of the Contract Law states that if the borrower fails to repay the loan within the agreed time limit, it shall pay overdue interest in accordance with the agreement or the relevant provisions of the state. (The Contract Law will expire on December 31, 2020).
According to Article 676 of the Civil Code, if the borrower fails to repay the loan within the agreed time limit, it shall pay overdue interest in accordance with the agreement or relevant national regulations. (The Civil Code will enter into force on January 1, 2021).
