You would need to provide more information as the question isn't clear. One of the questions would be did you both agree that you would pay interest?
Deleted user
Lawyer
posted 2 years ago
Payment of interest depends on whether there was an agreed interest rate between both of you or not.
If there's an agreed interest rate, then you are liable to pay.
Deleted user
Lawyer
posted 2 years ago
To make an agreement legally enforceable it has to be in a written form detailing all terms and conditions including any interest rates agreed upon. However, it is important to also know the context in which the oral agreement took place and what you the line of discussion was. Thank you
Deleted user
Lawyer
posted 2 years ago
Only a licensed loan institution is permitted to charge interest upon a loan within the permitred interest rates by the authorising body
Deleted user
Lawyer
posted 2 years ago
Was there an agreement to pay interest (whether oral or written)? If there was, and there is evidence of communication referring to the agreement (even text or WhatsApp messages), you will be bound to pay the agreed interest
Deleted user
Lawyer
posted 2 years ago
Naturally you are supposed to pay interest, but because there was no agreement to same you don’t need to. So long as it is not a loan institution
Deleted user
Lawyer
posted 2 years ago
Firstly, an individual can not issue loan with interest.
Secondly, in the absence of any agreement as to interest, the lender is only entitled to the sum lent.
Deleted user
Lawyer
posted 2 years ago
I believe your question is not a legal question. Did you agree to pay the interest rate when you took the loan?
Deleted user
Lawyer
posted 2 years ago
You will need to provide a bit more details such as agreements had at the point of obtaining the loan, who your creditor is (bank, individual, cooperative etc). You will also need to pay the consultation fee
