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 Personal loan agreement is a legal document that outlines the terms and conditions of a loan between two parties; a lender and a borrower. It serves as a solid foundation to protect both parties and ensure that the loan is repaid in a fair and orderly manner. Personal loans can be used for various purposes such as debt consolidation, home renovations, medical expenses, education, or any other personal financial need. Here are a few examples of different types of Personal loan agreement: 1. Unsecured Personal Loan Agreement: An unsecured loan agreement does not require any collateral or security against the loan amount. Borrowers are evaluated based on their creditworthiness, income, and overall financial stability. 2. Secured Personal Loan Agreement: Unlike an unsecured loan, a secured personal loan agreement involves collateral as security for the loan. Collateral can be any valuable assets like a car, house, or any valuable property. If the borrower fails to repay the loan, the lender has the right to seize the collateral to recover the outstanding balance. 3. Fixed-Rate Personal Loan Agreement: A fixed-rate personal loan agreement establishes a fixed interest rate that remains unchanged throughout the loan term. This ensures that the borrower's monthly payments remain consistent and predictable, making it easier to manage finances. 4. Variable-Rate Personal Loan Agreement: In contrast to a fixed-rate agreement, a variable-rate personal loan agreement involves an interest rate that fluctuates over time. The interest rate varies based on market conditions, such as changes in the national prime rate. Borrowers should carefully assess their risk tolerance and financial stability when considering a variable-rate loan. 5. Payday Loan Agreement: A payday loan is a short-term loan typically due on the borrower's next payday. This type of loan agreement often involves a higher interest rate and fees due to its short-term nature. It is vital for borrowers to carefully review the terms and conditions of payday loan agreements since the repayment period is usually very short, often within a few weeks. 6. Installment Loan Agreement: An installment loan agreement allows borrowers to repay the loan amount over a set period, usually in monthly installments. The interest rate and monthly payments are typically fixed, making it easier for borrowers to plan their repayment strategy. Regardless of the type of Personal loan agreement, it is crucial for both parties to thoroughly understand and agree upon the terms and conditions outlined in the agreement. Seeking legal advice or the assistance of a financial professional could be beneficial to ensure all aspects of the loan agreement are fair, transparent, and protective for both parties involved.
