Court Orders Repayment of CNY 20,000 Loan Plus Interest

In a recent civil judgment, a court in Eastern China City ruled in favor of a lender who sought repayment of a CNY 20,000 loan plus interest. The borrower had failed to return the principal or pay the agreed interest. The court ordered the borrower to repay the full amount plus interest at a reduced monthly rate. The decision was made after a default hearing because the borrower did not appear.

The case arose from a loan agreement dated February 13, 2010. The borrower, Mr. Wang, received CNY 20,000 from the lender, Mr. Li, with a repayment term of 15 days. The loan carried monthly interest of 2.5 percent. Mr. Wang did not repay the loan by the due date. Mr. Li filed a lawsuit seeking the principal and interest calculated at 2.5 percent per month from February 13, 2010. During the trial, Mr. Li amended his claim to request interest at 1.62 percent per month for the same period. The amended interest request covered the period from February 13, 2010 to February 12