Don't worry if I borrow it from Douyin, what will happen?

The consequences of overdue repayment of Douyin’s assured loans include: penalty interest and liquidated damages, impact on personal credit record, being collected, and facing legal proceedings. It is recommended to repay on time, repay in advance, contact customer service to negotiate an extension of repayment, and maintain a good credit record to avoid the negative consequences of overdue payments.

The consequences of not repaying the overdue loan on Douyin

Late repayment will lead to the following consequences:

1. Penalty interest and liquidated damages

After the expiration date, Douyin Guangxin Lending will charge penalty interest and liquidated damages. The specific proportion of penalty interest and liquidated damages is determined according to the loan contract.

2. Impact on personal credit record

Overdue repayment records will be uploaded to the central bank’s credit reporting system, which will impact personal credit record. The longer it is overdue, the greater the impact on your credit history.

3. Being collected

Douyin will send text messages and phone calls to overdue customers to collect debts. If it is overdue for a long time, measures such as door-to-door collection may be taken.

4. Legal proceedings

If the overdue amount is large or the collection is ineffective, Douyin Anxin Lending may file a lawsuit in court to demand repayment of the principal, interest and litigation costs of the loan.

Tips to avoid late payments:

• Pay on time: Make sure you pay off your balance before the due date.
• Early repayment: If you have spare capacity, you can repay in advance to reduce interest expenses.
• Contact customer service: If you encounter special circumstances that prevent you from repaying your loan on time, you can contact Douyin’s customer service to negotiate for an extension of repayment. Note that deferred repayment requires review and approval.
• Maintain a good credit record: Repaying your loan on time and maintaining a good credit record will help you obtain more favorable borrowing terms in the future.

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