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Tina, Lawyer
Category: Legal
Satisfied Customers: 8775
Experience:  JD, BBA Over 25 years legal and business experience.
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Is this legal to take the fees out of a loan. When you had

Customer Question

Is this legal to take the fees out of a loan. When you had to prepay fees before getting the loan. once you get the loan monies calculate the fees and take them out of the loan, and then send the loan monies back to the person you got it from. Essentially cancelling the loan, and telling that person you are cancelling the loan, as you have taken the fees out of the monies you received, because you were forced to send the monies ahead of time. Can this be done. Loan grantee is John Berry, of John Berry Loan Company. He is in South Africa. His bank is in South Africa also.
Submitted: 1 year ago.
Category: Legal
Expert:  TJ, Esq. replied 1 year ago.

Hello and thank you for the opportunity to assist you. My name is*****'m a Virginia attorney, and I'll be glad to help if I can.

However, I have to admit that I'm confused by your question. Any clarification will be appreciated. Let's start with this: What do you mean by "take the fees out of a loan"?