This package includes the essential forms needed for making and collecting a personal loan. These forms are an important tool for avoiding future misunderstandings and disputes. Purchase of this package is a savings of more than 50% over purchase of the forms individually!
The following forms are included in this package:
Unsecured Installment Payment Promissory Note for Fixed Rate - This is a Promissory Note for your state. The promissory note is unsecured, with a fixed interest rate, and contains a provision for installment payments.
Secured Promissory Note - This form is a secured Promissory Note. The note includes a provision which describes the collateral to be used as security on the loan. The form also contains a section which details various actions which would constitute default on the note.
Personal Guaranty - General - This form is a Guaranty. The form provides that the guarantor assures the full and prompt payment of all obligations incurred by the payor.
Sample Letter for Past Due Balance - This is a sample notice for use when a debtor is overdue in payments on a promissory note. A time period for making payment before further action is taken, which may be modified to suit your needs, is provided.
Complaint for Past Due Promissory Note - The form is a complaint for a default on payments due pursuant to a promissory note. The complaint adopts the "notice pleadings" format of the Federal Rules of Civil Procedure, which have been adopted by most states in one form or another.
Promissory Note with Installment Payments - This form is a Promissory Note. The form provides that the borrower promises to pay the lender in monthly installments. The agreement also provides that there will not be a pre-payment penalty on the note.
Notice of Default in Payment Due on Promissory Note - This form is a notice of a failure to make a required payment when due pursuant to a promissory note. The form also contains a warning to the breaching party that legal action will be taken unless the breach is remedied on or before a certain date. This form is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a notice in a particular jurisdiction.
Resolution of Meeting of Corporation to Make Specific Loan - This form is a resolution of meeting of a board of directors or shareholders to make specific loan. This form may be easily modified for use by other business entities.
Receipt for Payment of Account - This form is a Receipt. The form provides that the undersigned acknowledges the receipt of a certain sum of money which constitutes payment on the account named in the receipt. The receipt also lists the balance remaining on the account, if applicable.
Promissory Note with Confessed Judgment Provisions - This form is a Promissory Note with Confessed Judgment Provisions. The maker of the note promises to repay a loan received from the lender, with interest. The form provides that if the maker defaults upon the loan, the lender may exercise the option of demanding the immediate payment of the entire loan. The debtor agrees to have judgment entered in the lenders favor if court action is brought to enforce collection.
Balloon Unsecured Promissory Note - This form is a model balloon promissory note, with a fixed interest rate. A balloon note is structured such that a large payment is due at the end of the repayment period. Adapt to fit your specific circumstances.
Form loan documents for family members are legal agreements that outline the terms and conditions of lending money to a relative. These documents help ensure transparency, clarify repayment expectations, and protect all parties involved. One common type of form loan document for family members is a Promissory Note. A Promissory Note is a written contract that includes the loan amount, interest rate (if applicable), repayment schedule, and any other specific terms agreed upon between the lender and borrower. This document provides clear evidence of the debt owed and the commitment to repay. Another type of form loan document for family members is a Family Loan Agreement. This agreement serves as a comprehensive contract, covering not only the loan amount and repayment details but also additional important elements such as late payment penalties, default consequences, and asset (if any) used as collateral. The Family Loan Agreement is particularly useful when a significant amount of money is being lent or when a more structured repayment plan is needed. In addition, some families may opt for a Deed of Trust or a Mortgage Agreement when lending money for real estate transactions. These documents establish a lien against the property, allowing the lender (family member) to sell the property to recover the loan amount in case of default by the borrower. When drafting a form loan document for family members, it is essential to cover all relevant aspects clearly and accurately. The document should include the names of the lender and borrower, the loan amount, interest rate (if applicable), repayment terms (such as monthly installments or a lump sum payment), and the agreed-upon duration of the loan. Additionally, it is crucial to state any consequences for late or missed payments, penalties for default, and the rights and responsibilities of both parties. By utilizing a proper form loan document for family members, the lender can protect their financial interests while ensuring that the borrower understands and agrees to their obligations. It also serves as a tool to maintain healthy family relationships by setting clear expectations and avoiding misunderstandings. In summary, form loan documents for family members, such as Promissory Notes, Family Loan Agreements, Deeds of Trust, or Mortgage Agreements, play a vital role in lending money within a family. By establishing clear terms and conditions, these documents foster trust and accountability, minimizing potential disputes and protecting the interests of all parties involved.
