Open the creditor's book! What to know before lending it to anyone💵

Many have experienced borrowing, or some may have been borrowing themselves. Today, let's share the "borrowing law" that has been summarized emphatically, save this post as a shield!

1. The 2,000 baht rule to remember.

According to the law (P.D. section 653), the case is clearly divided:

📉 Lend not more than 2,000 baht: Oral loan. Law does not force a contract.

📈 borrowed more than 2,000 baht: "There must be proof of the book," sign the borrower's name, otherwise if the debt is distorted, there will be no prosecution!

2. What does the loan contract require?

The contract paper or loan proof must be complete with these six:

✅ Contract date

✅ Name of borrower & lender

✅ Amount of loan

✅ Date of repayment (indicate clear date)

✅ Interest (required by law not to exceed 15% per year)

✅ the borrower's signature (and should have at least 1 witness).

3. This era "chat line" = fine evidence. 📱

No need to carry contract paper everywhere, because the Electronic Transactions Act now supports "Line, Messenger" conversations with a balance specified + a refund is evidence of a loan!

💡 Trick: When transferring money, the memo says, "Give...Borrowing money "also confirms the intention.

4. When it is due, what to do?

If due, the debtor is silent:

Creditors can make a "notice asking" to the debtor.

If ignored, all evidence can be brought immediately to the court.

⚠️ Last Warning: Before Signing Guarantee

Always recite, 'His debt may become our debt.' The guarantee is to insure others' debts. If they don't pay, we are responsible instead!

Know the law, don't take advantage of anyone, and keep anyone from taking advantage of us.

(This material is only a preliminary legal recommendation. If it is a complex case, consult the lawyer directly.)

Thanks to Reference: Law & Case Firm, Bangkok

# The law should know # Borrow money # Debt collection # Alarm # Lemon 8 knowledge