After all, a peer-to-peer loan contract is an ordinary loan contract. According to the general loan contract, it is usually explicitly required to pay a certain loan interest. If the borrower is arranged with liquidated damages, it will increase the pressure on the other party.
But in fact, liquidated damages can actually be agreed in online loans, but there are still regulations that cannot exceed four times the quoted interest rate in the one-year loan market. This quadruple requirement is that the sum of interest and liquidated damages agreed by the parties exceeds four times the quoted interest rate in the one-year loan market. If it is exceeded, it is an act of charging high interest in disguise.
In accordance with the provisions of the contract on liquidated damages, if the parties propose the liquidated damages agreed in the contract or the calculation standard is too high or too low, the people's court may suggest that the parties negotiate to adjust the liquidated damages.
If the two parties fail to reach a new agreement through consultation, the people's court may refer to the medium standard of liquidated damages for similar cases for verification, which mainly depends on the court's discretion.
Therefore, in the peer-to-peer loan contract, if the liquidated damages are too high, you can bring a lawsuit to the court and ask the other party to bear the litigation costs.
In fact, in order to avoid disputes arising from the performance of the contract in peer-to-peer lending, it is suggested that when such liquidated damages occur, it is best to negotiate with the other party first. The liquidated damages are too high. If you go to court, the other party may bear the risk of losing the case. Therefore, it can generally be resolved through consultation.