1. The borrower is not responsible for repayment

If the borrower does not repay the loan at the prescribed time, the overdue interest shall be paid in accordance with the contract or the relevant state provisions.

The parties may reach agreement on the issue of overdue interest in the contract, the agreement can be either a natural person or whether to charge interest on overdue interest rates between the stipulations of the how much, can also be financial institutions and borrowers within the range of the provisions of the state to overdue interest rate determination.

If a financial institution's borrowing contract does not have an agreement on the overdue interest rate, the financial institution can charge the borrower overdue interest in accordance with the interest rate stipulated by the state.

At present in practice, financial institutions is dealt with in accordance with the relevant regulations of the people's bank of China, namely for overdue loans, financial institutions in the daily rate per collecting interest within four to six over ten thousand the size of the borrower.

Ii. How do the borrower deal with the default?

Since private borrowing is largely private, there is no law on private lending. Private lending still lacks the necessary legal constraints and should be dealt with according to law once disputes or disputes arise.

There is an old saying that "it is not difficult to borrow and borrow". However, in real life, there are still people who do not speak the word of credit, some of which are not repaid, some borrow whole and so on.

Therefore, whoever has borrow money more than the two sides agreed in the folk lending ious reimbursement deadline, but the borrowing had still not returned, lenders will consider again, to remind the borrower, return loan demand that its within a reasonable period of time.

Private lending is overdue and should not be sued in time.

If the rights of the two parties are infringed upon, the offender shall file a suit in the court within two years from the date when he knows or should know the right to be violated. If the statute of limitations exceeds two years, the people's court will not accept it, and the creditor's rights will be deprived of legal protection.

In order to prevent more than the statute of limitations, lenders may in writing prior to the expiration of the statute of limitations for the borrower overdue repayment plan, and require the borrower to pay interest on overdue at the same time, so that the statute of limitations is interrupted.

According to the law in our country, the new statute of limitations from the interrupt recalculated, as of the date of such, lenders not only has the right to Sue, and can continue to have won power, thus to protect the legitimate rights and interests of the lenders.