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.
A loan agreement form in Kenya is a legal document that outlines the terms and conditions of a loan between a lender and a borrower. It serves as a written contract to ensure both parties have a clear understanding of their rights and obligations. This agreement form is crucial in safeguarding the interests of both lenders and borrowers, preventing any potential disputes or misunderstandings. Many types of loan agreement forms exist in Kenya, addressing various loan scenarios. Some common types include: 1. Personal Loan Agreement Form: This form is used when an individual borrows money from another individual, financial institution, or lending company for personal use, such as paying off debts or financing a personal project. 2. Business Loan Agreement Form: This form is specifically designed for loans taken by businesses to fund their operation or expansion. It may include additional clauses relating to business-related matters, such as collateral, repayment terms, interest rates, or penalties. 3. Mortgage Loan Agreement Form: This form is used in situations where a borrower seeks a loan to purchase or refinance a property. It typically outlines the property details, loan amount, repayment terms, and foreclosure procedures in case of default. 4. Vehicle Loan Agreement Form: This form is used when a borrower seeks a loan to purchase or lease a vehicle. It includes relevant details of the vehicle, loan amount, repayment terms, and possible penalties in case of default. 5. Payday Loan Agreement Form: This form applies to short-term loans typically taken to cover immediate financial needs until the borrower's next paycheck. It typically includes higher interest rates and shorter repayment terms. 6. Agricultural Loan Agreement Form: This form is tailored to loans provided to farmers or agricultural businesses to finance farming operations, purchase equipment, or invest in livestock. It may include specific terms relating to crop yields, insurance, or marketing agreements. Regardless of the specific loan agreement form in Kenya, it is crucial for both parties to carefully read and understand all terms and conditions before signing. Seeking legal advice if necessary can help ensure that the loan agreement is fair and favorable to all parties involved.
