Family Life Knows Everything.

Chapter 352 What to Do If the Borrower Can’t Repay the Loan on Time

Article [-] of the Contract Law stipulates that the borrower may apply to the lender for an extension before the repayment date expires.If the lender agrees, it can be extended.

When the loan is about to expire, if the borrower really cannot repay the loan, he can submit a written application for deferred repayment to the lender at least three days before the loan is due to apply for a deferred repayment of the loan.

With the consent of the lender, the formalities for deferred repayment of the loan shall be handled. According to relevant regulations, the period of deferred repayment shall not exceed half of the original loan period at most. During the extended period, the borrower shall not be liable for delay.

Therefore, it can be considered that if the borrower is really unable to repay the loan when it is due, he has the right to request an extension of the loan.

family life made easy

The so-called performance of the obligation means that the subject of the obligation completes the acts or omissions required by the content of the obligation in accordance with the provisions of the law or the agreement of the contract, such as delivering objects, paying money, completing work, providing labor services or not competing.The fulfillment of the obligation is the key to realizing the purpose of the obligation.

The performance of a debt is not only the obligor's performance of the debt, but also the obligee's acceptance of performance.The creditor should cooperate with the debtor. Without the debtor's performance of the debt, the creditor's rights cannot be realized; similarly, if the creditor does not cooperate with the debtor to perform its obligations, it will be difficult to realize the purpose of the debt.The performance of the debt should be the joint behavior of both the creditor and the debtor. Both the creditor and the debtor are the main body of the performance of the debt, and the two are indispensable.

(End of this chapter)