Legal Question in Consumer Law in Louisiana

personal loan

is there a time limit on a person paying back a personal loan


Asked on 4/13/09, 5:31 pm

1 Answer from Attorneys
Nick Pizzolatto, Jr. Pizzolatto Law Office

Re: personal loan

Depends on the terms of the loan and whether in writing. Usually there is a 5 year prescription period which begins when the loan is due. If there are no terms agreed to, then my first impression is the 5 years begins immediately. If the loan is due and payable in 18 months, then the 5 years begins at the end of the 18 months when the loan became due and owing.

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Answered on 4/14/09, 7:36 am


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