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 Maryland Personal Loan Agreement Document Package is a comprehensive set of documents that helps individuals in Maryland establish a legally binding agreement when borrowing or lending money for personal purposes. This package is crucial for ensuring loans between individuals are agreed upon and all parties involved are protected. The agreement document serves as the core component of the package, outlining the terms and conditions of the loan. It covers essential details, including the loan amount, interest rate, repayment schedule, late payment penalties, and any collateral provided. By clearly documenting these key aspects, the agreement helps maintain transparency and prevents disputes in the future. In addition to the loan agreement, several other documents are included in the Maryland Personal Loan Agreement Document Package to enhance its validity and enforceability. These documents may vary depending on the complexity or specific requirements of the loan transaction. Some additional components may include: 1. Promissory Note: This document serves as evidence of the borrower's promise to repay the loan, including the amount borrowed, repayment terms, and any interest or fees applicable. 2. Loan Amendment: In case the parties need to modify the original loan agreement, this document facilitates amendments, ensuring that changes are legally documented and agreed upon by all involved. 3. Guaranty Agreement: If a third party agrees to act as a guarantor or cosigner for loan repayment, this agreement outlines their responsibilities and obligations should the borrower default. 4. Security Agreement: When collateral is provided to secure the loan, this document establishes the rights and obligations of the parties involved concerning the collateral. 5. Disclosure Statements: It is common for lenders to provide borrowers with disclosure statements, informing them about the loan's terms, repayment obligations, interest rates, and any fees associated with the loan. 6. Affidavit of Consent and Understanding: This document acknowledges that the parties involved have fully understood the loan terms and are entering into the agreement willingly and without coercion. It is important to note that the availability or necessity of these additional documents may depend on the loan transaction's details and the preferences of the parties involved. In conclusion, the Maryland Personal Loan Agreement Document Package is a comprehensive collection of legal documents that helps individuals in Maryland establish clear terms and conditions when engaging in personal loan transactions. By utilizing this package, borrowers and lenders can ensure that their loan agreements are legally sound, protect all parties involved, and help prevent potential conflicts or misunderstandings.
