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 with collateral is a legal contract between a borrower and a lender that outlines the terms and conditions of a loan. In this type of loan agreement, the borrower is required to provide collateral as security for the loan. Collateral can be in the form of assets such as real estate, vehicles, valuable jewelry, or any other valuable possessions. By providing collateral, the borrower reduces the risk for the lender, as the lender has the right to seize and sell the collateral to recover the loan amount if the borrower defaults on the loan. The personal loan agreement with collateral typically includes key details such as the loan amount, interest rate, repayment schedule, and the consequences of defaulting on the loan. It may also include clauses regarding late payment fees, prepayment penalties, and early repayment options. The advantages of a personal loan agreement with collateral are twofold. Firstly, borrowers with lower credit scores may have a better chance of obtaining a loan since the collateral reduces the risk for the lender. Secondly, lenders often offer lower interest rates for loans secured by collateral, as they have a form of security if the borrower defaults. Different types of personal loan agreements with collateral include: 1. Secured personal loan: This is a general type of personal loan agreement where the borrower provides collateral, such as a car or property, to secure the loan. The collateral's value determines the loan amount and terms. 2. Mortgage loan: In this type of loan agreement, the borrower provides real estate property as collateral. The lender holds a lien on the property until the loan is fully repaid, and if the borrower defaults, the lender can foreclose on the property to recover the loan amount. 3. Auto loan: This type of loan agreement is specifically for purchasing a vehicle. The vehicle itself serves as collateral, and if the borrower fails to make payments, the lender can repossess and sell the car to recoup the loan amount. 4. Jewelry or valuable asset loan: Some lenders specialize in offering personal loans secured by high-value jewelry, art, or other valuable possessions. The borrower provides these assets as collateral, which are evaluated by the lender's experts to determine the loan amount. It is crucial for both the borrower and the lender to carefully review and understand the terms and conditions outlined in the personal loan agreement with collateral. Seeking legal advice may also be beneficial to ensure the agreement complies with relevant laws and protects the rights and interests of both parties.
