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Question about a business loan. NJ. Signed the loan recieved…

Customer Question
Question about a business...

Question about a business loan

Lawyer's Assistant: What state is this in? It matters because laws vary by location.

NJ

Lawyer's Assistant: What steps have been taken so far?

Signed the loan recieved the funds today

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

What I want to know is if were can cancel it - just give the funds back - is there a cooling off window in nj

Submitted: 3 months ago.Category: Legal
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Answered in 9 minutes by:
4/2/2018
Lawyer: Law Educator, Esq., Attorney replied 3 months ago
Law Educator, Esq.
Category: Legal
Satisfied Customers: 125,919
Experience: JA Mentor -Attorney Labor/employment, corporate, sports law, admiralty/maritime and civil rights law
Verified

Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only.

Unfortunately, the NJ 3 day right to rescission and the consumer lending 3 day right to rescission, applies to consumer loans and not commercial or business loans, which are not subject to Regulation Z. This means you need to refer to your loan documents to see if it gives you a right to cancel in the loan agreement. If there is no stated right to cancel in your loan agreement, then it is too late to cancel the agreement, but you can certainly pay off the loan in full and should be able to do that at any time you want, but you would be liable for whatever the interest stipulated in the loan agreement is.

Please do not forget to leave positive feedback by clicking on the 5 stars at the top of your page, as the experts are not employees of the site and get no credit for spending time with customers unless they leave positive feedback. Thank you.

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