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#1238170 - 08/25/09 01:45 AM Advance loan payments
Denovo Co Offline
Gold Star
Joined: Jan 2005
Posts: 375
NM
Is there a limit to the number of payments that we can accept in advance on a closed end loan? We have a customer who likes to send in her payments early and often will pay a few months in advance. On one occasion we received payments that kept advancing her due date; so we called and asked if she preferred us to take the payment due and put the rest toward the principal balance and she said "absolutely not". She was goig out of town for an extended period of time and wanted her payments to be made for each of the months so that she didn't have to worry about the loan during her trip. Is this ok?

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Lending to Servicemembers (SCRA, JWNDAA), War, Terrorism
#1238174 - 08/25/09 02:11 AM Re: Advance loan payments Denovo Co
rlcarey Online
10K Club
rlcarey
Joined: Jul 2001
Posts: 83,227
Galveston, TX
It is all a matter of your loan contract.
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