Have you ever been sued for owing sunshine loans?

Sunshine loans overdue may be sued, mainly depending on the loan contract. As long as loans overdue is over 90 days, the lending institution has the right to sue the borrower. However, if the user applies for a large loan amount in Sunshine Loan, and the repayment is overdue for many times, then the prosecution time of Sunshine Loan may be shortened at this time.

Once the user is sued for repayment according to the relevant provisions of the contract law, the borrower fails to repay the loan within the time limit stipulated in the loan contract, which is a breach of contract and should bear the liability for breach of contract. The ways to bear the liability for breach of contract include returning the loan principal, paying the interest during the loan period agreed in the contract and paying the interest of loans overdue.

Repaying the loan principal and paying interest within the loan period agreed in the contract will generally not cause disputes because the parties have clearly agreed in the loan contract; With regard to the interest on overdue loans, not only are there great disputes between the parties, but the standards applied by judges in judging such cases are sometimes not uniform.

The funds invested by banks in such loans may or may not be recovered in the future. There is a great possibility of losses, and commercial banks usually have to impose a penalty interest on such loans. Overdue loans are the problem assets of banks. Commercial banks should maintain a high capital reserve, and the reserve ratio is generally 50%.

Consequences of Outstanding Sunshine Loan:

1, which will lead to the lender's bad credit record.

2. Sunshine Loan will take measures to make dunning, which may affect daily life.

3. There may be overdue interest. The longer the overdue interest is not paid, the higher the interest will be.

4. If the loan is not paid within a certain period, Sunshine Loan can sue the lender.

Legal basis:

People's Republic of China (PRC) Civil Code

Article 675 The borrower shall repay the loan within the agreed time limit. If the term of the loan is not agreed or clearly agreed, and cannot be determined according to the provisions of Article 510 of this Law, the borrower may return it at any time; The lender may urge the borrower to return it within a reasonable period of time.

Article 510 After the contract came into effect, the parties did not stipulate or clearly stipulated the quality, price or remuneration, place of performance, etc. They can supplement the agreement; If a supplementary agreement cannot be reached, it shall be determined in accordance with the relevant provisions of the contract or trading habits.