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    fromPA12's Avatar
    fromPA12 Posts: 2, Reputation: 1
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    #1

    Apr 5, 2007, 08:35 AM
    Small Claims loan type?
    Hello I live in Pa I received a certified letter today in the mail I am being sued. My question is is an Installment Loan the same thing as a Promissary Note? Any help is GREATLY appreciated
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
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    #2

    Apr 5, 2007, 08:49 AM
    No, an installment loan is loan of money to be paid back with periodic payments. A Promissory Note is a promise to pay back a loan under specified conditions. Generally an installment loan is secured by a Promissory Note.
    fromPA12's Avatar
    fromPA12 Posts: 2, Reputation: 1
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    #3

    Apr 5, 2007, 08:59 AM
    So is it more ofa written contract then? I am only asking this because of the SOL. Do you think if I called the people suing me and set tried to make payment arrangement for this debt that they would even consider. Probably not since they are suing me?
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
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    #4

    Apr 5, 2007, 10:05 AM
    Well that depends on the circumstances here. You are asking us to give you advice blindly. If you want to give us the whole story we can then advise you further.
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