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.
The Massachusetts Personal Loan Agreement Document Package is a comprehensive set of legal documents that outline the terms and conditions of a personal loan in the state of Massachusetts. This package is designed to protect both the lender and borrower and ensure that the loan agreement is legally enforceable. Keywords: Massachusetts, personal loan agreement, document package, legal documents, terms and conditions, lender, borrower, enforceable. The Massachusetts Personal Loan Agreement Document Package contains the following essential documents: 1. Personal Loan Agreement: This document lays out the specifics of the loan, including the loan amount, interest rate, repayment terms, and any additional fees or penalties. It also includes clauses regarding late payments, default, and lender's rights in case of non-payment. 2. Promissory Note: This legal document serves as a written promise to repay the loan amount according to the agreed-upon terms. It includes details such as the borrower's name, lender's name, loan amount, interest rate, repayment schedule, and any applicable penalties. 3. Loan Application Form: This form collects all the necessary information from the borrower, such as personal details, income, employment history, and credit score. It helps the lender assess the borrower's creditworthiness and determine whether to approve the loan. 4. Personal Guaranty Agreement: In certain cases, the borrower might need a co-signer or a guarantor to secure the loan. This agreement legally binds the guarantor to repay the loan if the borrower defaults. 5. Collateral Agreement: If the loan is secured against collateral, such as a vehicle or property, this document outlines the terms and conditions related to the collateral. It specifies the collateral's description, its value, and the consequences of defaulting on the loan. 6. Disclosure Statements: These statements contain important information required by state and federal laws, such as the Annual Percentage Rate (APR), finance charges, and any other fees associated with the loan. It ensures transparency and compliance with consumer protection regulations. The Massachusetts Personal Loan Agreement Document Package provides a robust framework for individuals seeking or providing personal loans in Massachusetts. It promotes clarity, protects the rights of both parties, and ensures a legally binding agreement. Different types of Massachusetts Personal Loan Agreement Document Packages may exist depending on the specific loan requirements, such as secured loans, unsecured loans, fixed-rate loans, variable-rate loans, and loans with different repayment terms. Each variation may have slightly different terms and accompanying documents to cater to the unique needs of the borrower and lender.
