For private lending, the repayment period shall be agreed by both parties. If there is no agreed repayment period, it is deemed that there is no time limit, and the creditor may claim repayment of the loan from the debtor at any time. If the repayment period is agreed and the debtor fails to repay, the creditor must bring a lawsuit to the court within two years, otherwise the limitation of action will expire and the court will not support it.

Extended data

1. Because most private lending occurs between relatives and friends, many people do not pay due attention to it. Unexpectedly, some scoundrels just took advantage of this loophole and adopted the methods of default, long-term delay and avoidance to avoid debt.

I'd like to remind you that two years from the date of the expiration of the repayment period is the statute of limitations stipulated by law. During this period, you must claim the creditor's rights from the borrower, and the court will not protect your creditor's rights after 2 years; If no repayment date is specified, the longest limitation of action is 20 years.

2. The ways to deal with private lending disputes include negotiation, mediation, arbitration and litigation. What needs to be recommended here is the fourth way: "litigation", which refers to a simple legal procedure, that is, the supervision procedure. ?

199 1 year revised civil procedure law added this procedure. According to the law, for the creditor-debtor relationship with clear facts and small amount, the creditor may apply to the court for a payment order and directly demand the debtor to repay the debt.

Baidu Encyclopedia _ Private Lending