Is $4,000 a reasonable amount to charge for a micro-loan preparation fee?

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Is $4,000 a reasonable amount to charge for a micro-loan preparation fee?

I no longer want to go through with the micro-loan process. However, the contract I signed with a consultant won’t allow me to do so, otherwise she is suing me for $4,000. What are my legal rights?

Asked on October 29, 2010 under General Practice, California

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 11 years ago | Contributor

The only person who can say whether or not the amount was reasonable is the trier of the facts in the case.  That is either a Judge or a jury.  They need to hear all the evidencepresented by both sides, hear the law and then make a decision.  Your contract will need to be reviewed by an attorney.  It is hard to make any determination in this type of forum without reading it.  How much work she did on the loan (time spent, etc.) and what you agreed to in the contract matters.  Your legal rights are also tied in to what you agreed to and how the contract reads.  It is always possible that the contract violates your state laws but again, it is impossible to tell you that in this forum.  Good luck.


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