Buzz
According to Section 466 of the Civil Code of 2005, the borrower is obligated to repay the debt:
'1. If the asset is money, it must be repaid in full upon maturity; if the asset is an object, it must be returned in the same quantity and quality, except in cases of other agreements.
2. If the borrower is unable to return the object, it can be repaid in cash at the value of the borrowed object at the place and time of repayment, if agreed upon by the lender.
3. The place of repayment is the place of residence or the location of the lender's headquarters, except in cases of other agreements.
4. In cases where there is no interest on the loan and the borrower fails to repay or repay in full upon maturity, the lender is entitled to demand interest payment at the rate specified in Section 468(2) of this Law on the overdue amount corresponding to the late period, except in cases of other agreements or other legal provisions.
5. In cases where there is interest on the loan and the borrower fails to repay or repay in full upon maturity, the borrower must repay interest as follows:
a) Interest on the principal amount at the agreed interest rate in the corresponding contract for the loan term not yet repaid upon maturity; in case of late payment, interest must also be paid at the rate specified in Section 468(2) of this Law;
b) Interest on the overdue principal amount not yet repaid at 150% of the loan interest rate specified in the corresponding contract for the late repayment period, except in cases of other agreements'.
If the loan repayment deadline passes and the borrower fails to return the assets, they have violated the repayment obligation. You can file a lawsuit in court for resolution, compelling the borrower to fulfill their repayment obligation.
While borrowing money doesn't necessarily require a signed loan agreement, if you're filing a lawsuit, you need to gather evidence related to the loan, such as bank transactions, recordings, text messages, etc.
Therefore, lacking a formal loan agreement doesn't prevent you from filing a lawsuit and seeking repayment if you have evidence regarding the borrowing of money.
