So, don't you have to pay back the money owed by the borrower?
Then, before answering this question, we must first clarify the following questions.
Whose money is the online loan platform?
Is the loan contract valid?
If the loan contract is valid, how much should the borrower pay back according to law? The loan contract is invalid. How much should the borrower pay back according to law?
"P2P", that is, "Internet financial peer-to-peer lending platform", is an information intermediary in peer-to-peer lending, providing media services for borrowers and borrowers to conclude lending contracts. Articles 3 and 10 of the Interim Measures for the Management of Business Activities of Personal-to-Personal Lending Information Intermediaries explicitly prohibit individuals from "directly or indirectly accepting and collecting the lender's funds".
Therefore, the legitimate "P2P" online lending platform is not allowed to issue loans, and can only provide intermediary services for both borrowers and lenders.
In the final analysis, the money lent by P2P online lending platform to borrowers belongs to lenders or "investors". The borrower does not pay back the money to the "P2P" online lending platform, but to the lender ("investor").
Therefore, the "P2P" online lending platform closed down, but the lender ("investor") did not close down.
If the "P2P" online lending platform only provides intermediary services, does not issue loans in its own name, and does not provide any guarantee, and it complies with the provisions of the Contract Law and the Provisions of the Supreme People's Court on Several Issues Concerning the Application of Laws in the Trial of Private Lending Cases, the contract is valid.
If the "P2P" online lending platform issues loans to borrowers in its own name, it will violate the Provisions of the Supreme People's Court on Several Issues Concerning the Application of Laws in the Trial of Private Lending Cases. Lenders who have not obtained the loan qualification according to law provide loans to unspecified social objects for the purpose of making profits. The loan contract is invalid at this time.
If the loan contract is valid, the borrower shall still repay the principal and interest of the loan, but it is not necessary to repay the interest other than that stipulated by law;
If the loan contract is invalid, the borrower only needs to repay the loan principal and the capital occupation fee, which can be determined with reference to the market bank loan interest rate in the same period.
1. After the online lending platform is declared bankrupt, a bankruptcy management team will be set up for bankruptcy liquidation, and lenders can declare their claims to the bankruptcy management team.
2. Sue the corresponding borrower and demand the borrower to repay the loan principal and interest. Of course, the people's court will not support interests beyond the provisions of the law.
Article 14 of the Provisions of the Supreme People's Court on Several Issues Concerning the Application of Laws in the Trial of Private Lending Cases:
In any of the following circumstances, the people's court shall deem the private loan contract invalid: … (3) Lenders who have not obtained the loan qualification according to law provide loans to unspecified social objects for profit …
Lawyer Liu reminded that, therefore, the closure of the online lending platform can give you a sigh of relief, but it is not that you don't pay back the money.
After the collapse of P2P online lending platform, borrowers should still actively repay legitimate loan principal and interest, and dare to say "no" to the interest beyond the legal provisions!
Bad credit records submitted by online lending platforms should be carefully reviewed.
Supreme court: new rules for private lending, interest rate cuts. Can this provision be applied to financial loans?
Supreme Court case: It was only borrowed three times and was not recognized as a professional lender! How many times can I do it?
Supreme Court: Private lending is new, and professional lending is invalid! But the principal still needs to be paid back.
#P2P Thunderstorm ##P2P online lending industry #