Delaware Loan Agreement for Friends
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FAQ
A loan between loved ones has the same legal weight as a bank loan. If you are lending money to a friend or family member, you may want to get the details in writing and signed by all parties in case there's a conflict or misunderstanding.
This does not necessarily have to be a legally drafted loan agreement, but, the better it is legally worded, the better your chances of recovering the cash. Without a written agreement, it is one party's word against the other, whether the money was a gift or a loan. Money claims are still subject to court fees.
The two sides must sign a promissory note that spells out the interest rate, terms and conditions, length of repayment period, and ability to transfer the loan to another party.
Wiedman suggests putting everything involving the loan in your written agreement: "The date of the loan, loan amount, repayment terms, interest rate, payment due dates and so forth." That said, putting everything in writing can make things awkward, but it's a safe move if you want to ensure repayment.
At a minimum, your loan contract should include: Your name and the borrower's name. The date the loan was granted. The amount of money being lent. Minimum monthly payment. Payment due date. Interest rate, if you're charging interest. Consequences for defaulting on the loan.
Write a contract A verbal agreement may seem fine ? and in many cases it will work out with no issues ? but to give yourself a little extra protection it's helpful to have the loan agreement in writing. This provides a record of the agreement should there be a dispute later down the line.
A loan agreement should be structured to include information about the borrower and the lender, the loan amount, and repayment terms, including interest charges and a timeline for repaying the loan. It should also spell out penalties for late payments or default and should be clear about expectations between parties.
It makes sense to write-up a formal loan agreement ? even for very small amounts. If you have something down in writing at the start that is signed, it can help with disputes later on. A written loan agreement can benefit both parties because you can use it as protection if one of you breaches the terms.
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.
