Legal Question in Credit and Debt Law in Virginia
Money
If I make a personal and private loan to someone without a written agreement is it legal in the state of Virginia to charge them intrest on the loan until it is paid off?
Asked on 3/31/04, 8:29 pm
1 Answer from Attorneys
Michael Stone
Law Offices of Michael B. Stone Toll Free 1-855-USE-MIKE
Re: Money
It is legal to charge interest on a loan and it is legal to have an oral agreement. And you will be back here later asking us, how do I enforce an oral agreement. You won't like the answer.
Answered on 3/31/04, 9:21 pm
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