1. There are no other debt disputes between creditors and debtors.
2. The payment order can be served on the debtor.
3. The application shall specify the required amount of currency or negotiable securities and the facts and evidence on which it is based.
The creditor orders the debtor to pay off the debt within 05 days from the date of receiving the payment order, or raises a written objection to the people's court. If the debtor fails to raise any objection and fulfill the payment order within 15 days, the people's court may, upon the application of the creditor.
It can be seen that the biggest advantage of applying to the people's court for a payment order to recover the arrears is that the time is short and the effect is quick. Of course, if the debtor raises a written objection to the people's court within the statutory time, it must be handled through litigation. This can well protect the creditor's rights in debt disputes.
Legal basis: Civil Code of People's Republic of China (PRC).
Article 667 A loan contract is a contract in which the borrower borrows money from the lender, repays the loan at maturity and pays interest.
Article 680 usury is prohibited and the loan interest rate shall not violate the relevant provisions of the state. If there is no agreement on the payment of interest in the loan contract, it shall be deemed that there is no interest. If the loan contract does not specify the payment method of interest, and the parties cannot reach a supplementary agreement, the interest shall be determined according to the local or the parties' trading methods, trading habits, market interest rates and other factors; Loans between natural persons are regarded as interest-free.