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.
Illinois Personal Loan Agreement Document Package is a comprehensive collection of legal documents that facilitate the lending process of personal loans in the state of Illinois. This package includes various agreements, forms, and templates necessary to protect the interests of both the lender and the borrower. The main focus of this document package is to outline the terms and conditions of the personal loan, ensuring that both parties have a clear understanding of their rights and obligations. It covers crucial aspects such as loan amount, interest rate, repayment schedule, late payment penalties, and any other specific terms agreed upon by the borrower and the lender. Different types of Illinois Personal Loan Agreement Document Packages may vary based on the purpose of the loan and the nature of the lender-borrower relationship. Some common variations include: 1. Secured Personal Loan Agreement: This type of agreement is used when the borrower provides collateral, such as property or valuable assets, to secure the loan. It offers added security to the lender, reducing the risk of default. 2. Unsecured Personal Loan Agreement: In contrast to secured loans, unsecured loans do not require collateral. This agreement is suitable for borrowers who do not possess sufficient assets to offer as security. 3. Revolving Personal Loan Agreement: Revolving loans are similar to credit cards, where the borrower has a predetermined limit and can borrow and repay funds repeatedly as long as they stay within the limit. This type of agreement allows flexibility in borrowing and repayment. 4. Installment Personal Loan Agreement: Installment loans are repaid in fixed monthly installments over the agreed loan term. This agreement details the installment amount, duration, and other repayment terms. 5. Cosigner Agreement: In some cases, lenders may require a cosigner who assumes responsibility in case the borrower fails to repay the loan. A cosigner agreement outlines the cosigner's obligations and protects their rights. 6. Promissory Note: While not an agreement itself, a promissory note is often included in the document package. It is a legally binding document that details the borrower's promise to repay the loan, including the principal amount, interest rate, and repayment terms. Illinois Personal Loan Agreement Document Package ensures compliance with state-specific laws and regulations, providing a reliable framework to handle personal loan transactions. It is essential for all parties involved to carefully review and understand the contents of the document package, seeking legal advice if necessary, to ensure a fair and transparent loan agreement.
