Initial repayment refers to a repayment method in which the bank pays the loan principal and interest to the borrower in one lump sum before the loan issuance date according to the contract.

The advantage of this repayment method is that it avoids overdue payments and reduces unnecessary trouble. The disadvantage is that the entire loan needs to be paid off at once, so it is not suitable for people who need money urgently.

So, if you want to repay your loan early, what issues should you pay attention to?

First, you must understand your credit situation. If your credit report shows that you have multiple overdue records, it is recommended not to repay in advance. Because this will affect your personal credit, it may be affected when you apply for a loan in the future

Second, pay attention to the reasonable use of credit cards. For the sake of convenience, some people often use credit cards to overdraft their purchases, which not only accrues interest but also late payment fees.

So, when applying for a credit card, be sure to repay it on time to avoid unnecessary trouble. Third, maintain a good personal credit record.

If there are stains or bad records on your personal credit report, the bank will think that your financial situation is not good and will not be willing to provide you with a loan. Therefore, when we apply for a credit card, we must maintain a good personal credit record, so that the bank will consider your repayment ability when applying for a credit card in the future.

Otherwise, even if you have money, the bank will not provide you with a loan. Therefore, when you apply for a credit card, you must learn more about the relevant knowledge, so that you can better increase your credit card limit. Next, let’s take a look at some ways to increase your credit card limit. First of all, we must make it clear that the card limit is determined based on the cardholder's consumption situation. Therefore, if you want to increase the credit card limit, you must maintain good consumption habits and avoid excessive overdraft.

Secondly, we can obtain a higher limit by applying for some installment services, so that we can also increase our credit card limit.

How is the validity period of the loan note calculated?

If both parties agree on a repayment date in the loan note, the statute of limitations in the loan note will be calculated from the expiration of the repayment period. If the loan period is not agreed upon or the agreement is unclear, the borrower may repay the loan at any time, and the lender may urge the borrower to repay within a reasonable period of time. The statute of limitations for filing a lawsuit to protect civil rights in the People's Court is three years. The period of limitation of action shall be calculated from the date when the obligee knows or should know that the right has been damaged and the obligor knows.

Legal basis

"People's Republic of China and Civil Code"

Article 675

The borrower shall Repay the loan within the agreed period. If there is no agreement on the loan period or the agreement is unclear, and it cannot be determined according to the provisions of Article 510 of this Law, the borrower may return it at any time; the lender may urge the borrower to return it within a reasonable period of time.