Legal Question in Banking Law in Philippines
can a bank make their client pay for interest even if it was not yet earned? example loan term is 2yrs. and at 7mos. the client would like to fully pay her loan, can a bank make her pay the whole interest good for 2 yrs. even if it was not agreed at the time of loan release? the new policy of the bank started last feb.2012 and the loan release was on jan.2012
Asked on 7/27/12, 2:37 am
1 Answer from Attorneys
VOLTAIRE T. DUANO
VOLTAIRE T. DUANO LAW OFFICE
Interest can only be charged if it was agreed upon. Check you loan agreement.
Answered on 7/28/12, 8:59 am
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