Legal Question in Credit and Debt Law in Virginia

returning a loan

How do you go about returning a loan that was direct-deposited in a bank account that you do not want. I called BOA and arranged for a 20K loan which was approved in 10 minutes and deposited in my account in 7 days. Then I got the paperwork, which requires no signiture and saw the interest rate. I have not touched the money and would like to return it. can I do this with no penalty and with no repercussions?


Asked on 5/24/07, 12:01 pm

2 Answers from Attorneys
John Jackson Law Office of John A. Jackson, P.C.

Re: returning a loan

Speak to the bank to see what they suggest. You may be able to return the funds without any charges.

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Answered on 5/24/07, 12:29 pm
Robert Strupp Robert J. Strupp,Attorney at Law, PLC

Re: returning a loan

Without seeing the loan documentation, I can not fully answer. However, you might be able to simply write a check for the 20K, plus any legitimate finance charges, pay off and CLOSE the account. When you say you do not like the rate, I have to wonder if it was properly disclosed.

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Answered on 5/24/07, 12:31 pm


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