Legal Question in Credit and Debt Law in Pennsylvania
if someone loans u money and nothing is in writing and u lose ur job and r having difficulty paying back can they charge u interest
Asked on 6/07/12, 9:30 am
1 Answer from Attorneys
You answered your question. No, the lender cannot charge you pre-judgment interest at the rate specified in the contract (promissory note) because there is nothing in writing here. However, if the lender sues you and gets a judgment against you, then any judgments will earn interest at the statutory rate of 6% per year.
Answered on 6/07/12, 3:49 pm
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