Personal Loan Form Document Without Comments

State:
Multi-State
Control #:
US-P103-PKG
Format:
Word; 
Rich Text; 
PDF
Instant download

Description

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.


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FAQ

If you have poor credit history or no income, a co-signer with good to excellent credit (at least 670 and solid income) can help you qualify for a loan. Before you get someone to co-sign for you, make sure you can repay the debt. Failing to repay the loan can damage both you and your co-signer's credit score.

Taking out a personal loan is exactly that ? personal. But does your lender need to know how you plan to use funds? In short, yes. While most reasons won't stop you from obtaining a personal loan, you'll need to explain why you need the money you're borrowing.

An excellent credit score may be enough for a lender to approve a personal loan even without verifiable income, ing to SoFi. Note alternative income on your loan application. Sources that may help are retirement income, including Social Security benefits; investment and rental income; and side gig income.

What should be in a personal loan contract? Names and addresses of the lender and the borrower. Information about the loan co-borrower or cosigner, if it's a joint personal loan. Loan amount and the method for disbursement (lump sum, installments, etc.) Date the loan was provided. Expected repayment date.

You'll fill in how much you pay for housing (rent or mortgage payments) and might have to include information on any other debts you have. You typically need to provide your annual or monthly income as well. Bank statements and tax returns might be required to back up your information.

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A loan agreement is a written agreement between a lender that lends money to a borrower in exchange for repayment plus interest. Lenders require a few documents that can serve as proof of your identity and financial information to approve you for a loan.Documents to Complete a Personal Loan Application. As you apply for a personal loan, you'll need to provide some documentation for the lender. Most lenders will want to see proof of income on top of identification. Lenders require proof of income, address and identity before they can approve your loan. Complete the Application. A loan application is a formal document that lenders require prospective borrowers to complete and submit to begin the lending process. Apply when you're ready. Timing of notice - when an application is complete.

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Personal Loan Form Document Without Comments