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Legal Loan Interest Rate

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1 Legal Loan Interest Rate on Mon Aug 27, 2012 5:52 pm

ncal


Arresto Menor
Good day po.

My grandmother was diagnosed with a serios health problem and her medication was expensive. Napilitan po kaming isanla ang lupa sa kakilala at 5% monthly interest or 60% per annum. It was a simple contract, it was not notarized. After a year, the person we borrowed from claimed that the interest will be 6% per annum and she said that she mentioned it (verbally only) to my mother though my mother cannot recall such conversation.

The interest seems to be unfair and too big. Medyo napilitan lang po kami tanggapin yung loan kasi pambayad sa ospital na lumolobo na yung bill, and yun nga pong pangmedication ng lola ko. Pag hinihingan po namin sya ng kwenta lagi nya sinasabi kami na magkwenta and ipakita namin sa kanya. Advise us please.Legal po ba yung rate na yun? Yun pong pagtaas to 6% Thank you po.

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