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.?
Asked on 7/27/12, 2:32 am
1 Answer from Attorneys
VOLTAIRE T. DUANO
VOLTAIRE T. DUANO LAW OFFICE
Interest should be expressly agreed upon. Check your loan agreement.
Answered on 7/28/12, 8:59 am
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