What will happen if you borrow money?

Will be required to repay the loan principal, pay the interest within the loan period agreed in the contract, and pay the interest of loans overdue.

Borrowing money is the software of borrowing money, that is, the consequences of overdue payment.

According to Article 207 of the Contract Law, if the borrower fails to repay the loan within the time limit stipulated in the loan contract, it is a breach of contract and shall be liable for breach of contract. The ways to bear the liability for breach of contract include returning the loan principal, paying the interest during the loan period agreed in the contract and paying the interest of loans overdue.

Repaying the loan principal and paying interest within the loan period agreed in the contract will generally not cause disputes because the parties have clearly agreed in the loan contract; There is a great dispute between the parties about the interest on overdue loans, and the standards applied by judges in hearing such cases are not uniform, which affects the authority of the law.

The specific impacts are as follows:

1. The loan dispute is only a civil dispute, and it will not be suspected of criminal responsibility, let alone imprisonment (unless it is suspected of fraud);

If you are suspected of criminal responsibility, such as fraud, then criminal responsibility and civil responsibility are not the same thing. After accepting the punishment, it still cannot be exempted from civil liability;

3. After loans overdue, you will collect a late fee from the money lending association on a daily basis, and your debt will increase.

Extended data:

Xiang Qian Loan (Mintel Commercial Factoring Co., Ltd.) focuses on online micro-loan business with a price of less than 5,000 yuan, focusing on high pass rate and fast loan approval, and quickly analyzes the financial and economic status and credit rating of individual users to help them obtain low-cost loans quickly.

Overdue loans are also called "overdue loans" or "overdue loans". Refers to the unpaid part of the loan within the repayment period stipulated in the contract. From the date of overdue, transfer to the overdue loan account, and indicate the words "overdue loan" in the header of the loan account.

References:

Overdue loans-Baidu Encyclopedia