Legal basis: Civil Code of People's Republic of China (PRC).
Article 668 A loan contract shall be in written form, unless otherwise agreed between natural persons.
The contents of a loan contract generally include terms such as loan type, currency, purpose, amount, interest rate, term and repayment method.
Article 671 Where the lender fails to provide the loan on the agreed date and amount, thus causing losses to the borrower, it shall compensate for the losses.
If the borrower fails to collect the loan according to the agreed date and amount, it shall pay interest according to the agreed date and amount.