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.
Personal Loan Document Form with Collateral — A Comprehensive Overview A personal loan document form with collateral is a legally binding agreement between a lender and a borrower that outlines the terms and conditions of granting a loan. This type of loan requires the borrower to provide collateral in order to secure the loan. Collateral is an asset or property of value that the borrower pledges to the lender, which can be seized by the lender in case of default or failure to repay the loan. This loan document form is designed to protect both the lender and the borrower by clearly stating the rights and responsibilities of each party. It ensures that the loan amount, interest rate, repayment schedule, and other pertinent details are clearly defined and agreed upon by both parties. Personal loans with collateral offer several advantages to both lenders and borrowers. Lenders have the security of knowing that they have a valuable asset to fall back on in case of default, reducing the risk involved in lending money. As a result, they are often willing to offer lower interest rates compared to unsecured personal loans. On the other hand, borrowers with collateral can typically access larger loan amounts and enjoy more favorable interest rates due to the reduced risk. There are different types of personal loan document forms with collateral, including: 1. Mortgage Loans: These loans are secured by a property, such as a house or land. In the event of default, the lender can foreclose on the property to recover the outstanding debt. 2. Auto Loans: Auto loans are secured by the vehicle being financed. Failure to repay the loan may result in the lender repossessing and selling the vehicle to recover the loan amount. 3. Secured Credit Cards: Some credit cards require collateral, often in the form of a cash deposit, which serves as security against the credit limit. If the cardholder defaults, the issuer can use the collateral to cover the outstanding balance. 4. Savings-Secured Loans: In this type of loan, the borrower secures the loan with funds held in a savings account. The lender places a hold on the pledged funds until the loan is repaid. 5. Jewelry or Valuables Loans: Borrowers can use valuable items like jewelry, watches, or other high-end belongings as collateral for a personal loan. These different forms of personal loan documents with collateral provide borrowers with various options to secure a loan while lenders benefit from the added protection against default. Before entering into any loan agreement, it is crucial for both parties to thoroughly review and understand the terms and conditions outlined in the loan document form. Seeking legal advice is also recommended ensuring compliance with applicable laws and regulations.
