Los Angeles, CA asked in Banking and Contracts for California

Q: Contract: Signed agreement for loan but did not read it through before signing because verbally, I thought I understood.

It was a standard process, of filling out a loan application. I thought the loan would be from this company instead they are a third party that charges excessive predatory fees that can be paid with the credit cards they applied on your behalf which is not the plan I had.

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2 Lawyer Answers
James L. Arrasmith
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  • Business Law Lawyer
  • Sacramento, CA
  • Licensed in California

A: In California, it's crucial to thoroughly read and understand any contract before signing, as verbal understandings may not always hold legal weight. If the loan terms were misrepresented, you might have grounds to challenge the contract based on misrepresentation or unfair business practices. To determine the best course of action, consult an attorney who can review the specifics of your case.

James L. Arrasmith

Founder and Chief Legal Counsel of The Law Offices of James L. Arrasmith

Tim Akpinar
Tim Akpinar
  • Little Neck, NY

A: What you describe doesn't sound like it would be a strong defense in your favor - but that's an individual opinion. You could discuss the matter in more detail with an attorney to get a more thorough evaluation. Good luck

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