Product classification

Private loans

Private loans

the first loans must have a written receipt, the date of the loan, loan amount, loan interest rate, repayment dates detailed annotation, of interest agreed upon in the conventions is not clear or not, is considered to be having to pay interest. Loan contract must be signed by both parties, guarantor, the guarantor's responsibilities also include, the guarantor signature. Promissory note in duplicate, each copy. Guarantor, a set of three copies, the three parties hold one.

second: the folk debit and credit interest rates can be higher than the bank interest rate, similar but not more than bank lending rates four times, when the two sides on whether to contract rate dispute, must provide proof, in the absence of proof, it is treated as an interest-free loan. Charged interest if you exceed the principal standards and laws will not be protected.

third: either of the two parties are by coercion, fraud or other illegal means, or when fishing, the case of a person against his true intentions, formation of the loan shall be void. Invalid due to lenders, only returned to the principal of the borrower; invalid due to the behavior of borrowers, borrowers must repay both principal and return interest.

fourth: the lenders know the borrower to engage in illegal activities are still borrowing, borrowing this loan constitutes an offence, not protected by law.

fifth: guarantor loans when it comes due, should prompt reimbursement by the debtor, if the debtor is unable to discharge, or the debtor is unknown, is maintained by the guarantor to repay debts.
does not regulate private loans in addition to harm the interests of both parties, but also had an impact on social and economic development. These private lending activities outside the financial regulation, it is difficult to control, so when economic disputes to judicial decisions has also brought a certain degree of difficulty. Therefore, the borrowers must be familiar with laws and regulations, ask more loans to pay attention to what must not be easy to implement lending practices, in order to avoid risks.