Common use of Prepayment of Loan Clause in Contracts

Prepayment of Loan. Borrower has the right to pay back the whole exceptional amount at any time. If Borrower pays before time, or if this loan is refinanced or replaced by a new note, Lender will refund the unearned finance charge, figured by the Rule of 78-a commonly used formula for figuring rebates on installment loans.

Prepayment of Loan. Borrower has the right to pay back the whole exceptional amount at any time. If Borrower pays before time, or if this loan is refinanced or replaced by a new note, Lender Xxxxxx will refund the unearned finance charge, figured by the Rule of 78-a commonly used formula for figuring rebates on installment loans.