Can some loans not be repaid?
1, usury
In order to reduce personal financing costs and guide the steady development of the credit industry, the Supreme Law in 2020 adjusted the upper limit of judicial protection of private lending interest rates. If the loan interest rate exceeds 4 times the quoted interest rate of the one-year loan market in the same period, it will no longer be protected by national laws.
The interest of usury is far higher than the range stipulated by the state. Once usury is borrowed, it will easily lead to the borrower's inability to repay, and such loan products are being severely cracked down by the state.
2. Conventional loans
Conventional loans are actually illegal loans, which are not supported by the state, will destroy the normal financial management system and damage the legitimate rights and interests of borrowers, and loan contracts are often full of loopholes.
If you are used or coerced to apply for a loan without knowing it, against the true will of the borrower, you don't have to rush to pay back the money when you encounter a conventional loan, and you can even pursue the legal responsibility of the lender. But in order to avoid trouble, I suggest you pay more attention when applying for a loan, and don't follow the routine.
3, beheading, unreasonable charges.
If you borrow 10000 yuan, you can only get 9000 yuan. The lender deducts money from the loan principal in the name of service fee and handling fee, and the deducted 1000 yuan is beheading interest.
In these cases, the borrower only needs to calculate the interest according to the actual loan principal, and the national law stipulates that the interest cannot be deducted from the principal.
If the loan is not released, you need to pay a certain pre-loan fee, even if you don't get the loan funds in the end, you don't need to repay it.
To sum up, some loans are not repayable. There are indeed some loans that need not be repaid. When borrowing money, you must choose a formal loan product to avoid being cheated.