Legal Question in Credit and Debt Law in Pennsylvania

High Interest Loan

We have a personal loan for approx $8500. at 27% interest which has already been added giving us a current balance of $13,500.00+ I wanted to pay extra each month on the principal and was told they couldn't do that. I could pay extra and would ''pay it off sooner''. Is there any way to save some of this interest? Who could I talk to about the legality of this loan?


Asked on 2/23/06, 7:06 pm

2 Answers from Attorneys
Gerald Hershenson Law Office of Gerald M. Hershenson

Re: High Interest Loan

You did not explain the nature or source of the loan. The interest charged is excessive and in violation of Pennsylvania law. I suggest you have this matter reviewed by an attorney. Gerald Hershenson Esq.

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Answered on 2/23/06, 7:27 pm
Charles A. Pascal, Jr. Law Office of Charles A. Pascal, Jr.

Re: High Interest Loan

A loan from whom? What are the terms of the loan? Why, supposedly, can't you pay it down early? Where is that written? There are aspects of the loan that are potentially in violation of the law. You need to talk to an attorney.

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Answered on 2/23/06, 7:50 pm


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