What happens if you borrow 1,000 yuan online and fail to pay it back on time and become a deadbeat? What is the specific situation?

What happens if you borrow 1,000 yuan online and fail to pay it back on time and become a deadbeat? What is the specific situation? If you borrow 1,000 yuan online and fail to repay it on time, you will be considered a deadbeat. Huabei has also started to connect to the central bank's credit reporting system, and netizens are hotly discussing

Because of 1,000 yuan, Xiang recently became one of the list of dishonest debtors announced by the Second Intermediate People's Court of the city. From now on, there will be a dishonorable mark on his personal credit record.

Xiang is from Fengjie County. In November 2017, he borrowed 1,000 yuan through an online mobile phone app, and the loan period was from November to December 2017. According to the agreement, he needs to repay the principal and interest of the loan totaling 1,010.5 yuan within the agreed period.

However, when the repayment period arrived, Xiang did not repay any of the loan principal and interest as agreed. Therefore, the applicant in this case applied for arbitration to the Quzhou Arbitration Commission of Zhejiang Province in December of that year. According to the arbitration ruling, the person subject to execution should pay the loan principal of 1,000 yuan, interest of 10.5 yuan, and overdue repayment interest and arbitration fees.

After the arbitration award came into effect, the applicant applied to the Chongqing Second Intermediate People's Court for compulsory execution. During the execution, the court conducted a property investigation on the debtor Xiang and took compulsory measures such as restricting high consumption in accordance with the law. In view of the fact that Xiang was able to perform but refused to perform the obligations determined by the effective legal documents, the court listed him as a dishonest debtor in accordance with legal procedures.

So, how do you avoid becoming a "deadbeat"?

1.Repay the outstanding balance on time.

Repaying the debt on time is actually the most economical way to repay. If the person subject to execution refuses to repay on time, he will not only have to pay overdue interest on the loan, but also related arbitration fees, execution fees and other expenses. He may even be sentenced to punishment for refusing to execute effective legal documents, which will affect his future development and his family. A person may encounter many difficulties in his life. Escaping is not the best solution. Repaying loans or borrowings on time is the fundamental principle of being a human being.