May
31
Is there any legal equitable right to pay back an unsecured loan at more than the agreed monthly rate?
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I have an unsecured loan with my work at a low interest rate and we agreed a monthly repayment rate. I wish to pay back more than the monthly rate. Do i have a legal right to do this?
There is no loan agreement. I am hoping to find something in equity providing that natural justice allows additional payments to be made??
Sell House Quick
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2 Comments
May 31st, 2009 at 8:34 am
Some loans actually have a prepayment penalty. Your loan agreement should spell out any terms related to extra payments. If you can make larger payments until the loan is paid off, you could always renegotiate the term with you employer.
June 2nd, 2009 at 1:49 pm
You can triple your monthly rate if you want to. The thing you need to find out is if there is a pre-payment penalty. Just ask them. Since you are an employee, chances are there is no pre-payment penalty.