How effective is the loan contract? How effective is the loan contract

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How effective is the loan contract

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The legal effect of the loan contract: one is the conditions for the validity of the loan contract, and the other is the time when the legal effect occurs. A loan contract is a contract whereby the borrower borrows a loan from the lender, returns the loan and pays interest when due.

[Legal basis] According to Article 667 of the Civil Code, a loan contract is a contract whereby the borrower borrows money from the lender, repays the loan and pays interest when due.

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2024-05-26 00:00:15

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