The period of private lending is agreed upon by both parties in the loan contract, but the statute of limitations for loan disputes is three years from the date the lender knows or should know that its rights have been harmed and the obligor calculation; the maximum period shall not exceed twenty years.

Legal Basis

Article 188 of the Civil Code

The statute of limitations for requesting the People’s Court for protection of civil rights is three years. If the law provides otherwise, such provisions shall prevail.

The statute of limitations shall be calculated from the date when the obligee knows or should know that the right has been damaged and the obligor knows. If the law provides otherwise, such provisions shall prevail. However, if it has been more than twenty years since the right was damaged, the People's Court will not grant protection. If there are special circumstances, the People's Court may decide to extend the time based on the application of the right holder.

Article 189

If the parties agree to perform the same debt in installments, the statute of limitations shall be calculated from the expiration date of the last installment.

Article 502

A contract established in accordance with the law shall take effect from the time of its establishment, unless otherwise provided by law or otherwise agreed upon by the parties.