The so-called credit union loan is a loan contract dispute, and the statute of limitations of three years applies, that is, if the bank fails to collect the loan within three years from the date of maturity, it will exceed the statute of limitations. After the prosecution, the court will no longer support its claim. If the bank continues to collect the loan after the loan expires, there is no problem of exceeding the limitation of action.
If the loan cannot be repaid, the loan bank will collect the loan according to law. According to the loan contract and guarantee contract, the loan bank will sue the court, and the court will take measures such as property preservation.
Legal basis: Article 188 of the General Principles of the Civil Law: The limitation period for requesting the people's court to protect civil rights is three years. Where there are other provisions in the law, those provisions shall prevail. The limitation period of action shall be counted from the date when the creditor knows or should know that the right is damaged and the debtor knows it.
Where there are other provisions in the law, those provisions shall prevail. However, if more than 20 years have passed since the right was damaged, the people's court will not protect it; Under special circumstances, the people's court may decide to extend the time limit upon the application of the obligee.
The influence of loans overdue
1. Overdue will also affect personal credit. If a lender borrows money from a bank and fails to repay it within the time limit, his personal credit report will leave a bad credit record. It is very difficult to apply for credit cards and loans in the future, and most of them will be rejected, which will cause many troubles to personal production and life.
2. The most direct consequence of not paying back the credit loan is a high penalty interest, and you may have to pay a certain penalty. Even the principal and interest add up to a lot of expenses, and the result of not repaying on time is to increase my economic pressure.
3. In loans overdue, the lender will face all kinds of collection. Banks or financial institutions have their own collection systems. After the lender is overdue, the first-class collection will send you a text message and call for a reminder. If it is not returned for a long time, and the degree is serious, there will even be a collector to collect it in person. This overdue person should be psychologically prepared and strive to pay off the money at the first time before solving it.
4. If the loan is overdue for a long time and the amount is large, the lender can be sued by the financial institution. After the lawsuit is accepted, the assets of the lender may be sealed up after the court pronounced a sentence. This is the "repayment reward" that the lender must implement, otherwise the court will seal up the property and other assets under your name according to law to repay the arrears with the proceeds from the auction.
Reference to the above content: Baidu Encyclopedia-General Principles of China People and State Law