Legal Question in Consumer Law in Michigan

I loaned a friend 800 over a period of a couple months... we have no formal agreement. However i have numerous text of admittance of total loan amount in addition to receiving a payment of 50 bucks... i asked to set up a payment plan but the person makes excuses. And tries to avoid me... i plan on taking this to small claims court however i want to add interest or some other penalty since i havent received a payment since last year. Can i do this? If so, how shall i follow through?


Asked on 7/19/16, 6:01 am

1 Answer from Attorneys
Timothy Klisz Klisz Law Office, PLLC

You can't add interest to a loan that had no written terms. There is judgment interest of around 2.5% that you can add once you win the case, but it only starts accruing at the filing of your case. You are on the right path, however, with filing in small claims. Good luck!

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Answered on 7/19/16, 6:46 am


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