legal  loans


Question by  sayswhat (25)

What is the statue of limitations on personal loans between individuals?

I loaned money to a friend 3 years ago and he has not started paying me back.


Answer by  technogeek (6640)

There is none because there are no laws governing this. Unless you signed some sort of agreement stipulating repayment, then you just have to wait and hope that he pays you back, but if he hasn't by now, chances are he probably will not ever. Don't loan him anymore money!


Answer by  tamarawilhite (17883)

It is 7 years. You can begin collections immediately, including sending a notice of payment. Then you can file a claim in small claims court.


Answer by  Tomg (129)

If this is a signed written agreement then you can check your individual state for the statue of limitations as each state may be different.


Answer by  epglaw (553)

It does not matter if the loan was between you and a friend or someone you did not know. If the loan of money was not written down and signed by your friend, you have four years from the date of the loan to file a law suit. If the loan was in writing, then you have 6 years.


Answer by  Roland27 (16334)

If you have it written on paper or a good verbal contract you can get a civil court to grant him to pay you back.

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