Borrow Money Via iCloud
- What is a loan under an old contract?
Borrowing under an old contract is a form of loan in which the borrower does not need to sign a new loan contract but only needs to rely on a previously signed loan contract. This form of loan is often applied in cases where the borrower has a good repayment history and wants to continue borrowing from the same credit institution.
Borrowing under an old installment contract can be done in two ways:
Additional loan: The borrower is allowed to borrow more money based on the remaining principal amount of the old loan contract.
New loan: The borrower is allowed to borrow a new amount of money different from the remaining principal amount of the old loan contract.