Legal Question in Employment Law in Ohio

Employer cash advance
I started a job as a loan originator 4 mos ago. My current employer gave me a cash advance of 3000 a month totalling 12,000. According to my agreement, if I terminate my employment, I must pay back the full amount. It does not say if I can make payments, only that if it is not paid in full, they will charge 1% interest per year. Is there anything legally that they have to give me the option to make payments due to the fact that I do not have 12,000 available to me?

Asked on 3/06/08, 3:49 pm

Voyle A. Glover Attorney at Law

0 users found helpful

0 attorneys agreed

Re: Employer cash advance

The agreement controls. If you don't pay, the charge is 1% per year. So, if you pay monthly, the interest is still 1% per year on the unpaid balance.

This assumes all you've said is accurate and there are no other clauses that somehow modify the repayment.

They can't put you in jail. They might try and sue you in a civil court, if the agreement permits that.

Suggest you find a lawyer near you and have him or her look over the agreement.

Answered on 3/07/08, 11:25 am

Keywords

Match Any Match All

Country

State

Area of Law