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.
Minnesota Personal Loan Agreement Document Package is a comprehensive collection of legally binding documents that encapsulate the terms and conditions for borrowing and lending money between individuals or entities within the state of Minnesota. It serves as a useful tool for establishing clear and enforceable agreements, ensuring both parties involved are protected and aware of their rights and obligations. The Minnesota Personal Loan Agreement Document Package comprises several key components, including: 1. Promissory Note: This document outlines the essential details of the loan, such as loan amount, interest rate, repayment terms, and the method of repayment. It acts as a written promise, signed by the borrower, acknowledging their obligation to repay the borrowed funds. 2. Security Agreement: In certain cases, the lender may require collateral to secure the loan. This document specifies the collateral provided by the borrower, which can be seized or liquidated in the event of default. 3. Loan Agreement: This agreement serves as a comprehensive contract between the borrower and lender, covering various aspects of the loan transaction, including rights, responsibilities, and any additional terms and conditions agreed upon. 4. Co-Signer Agreement: When a borrower has poor credit or requires additional assurance, a co-signer may be involved. This agreement clarifies the co-signer's obligations, ensuring they are equally liable for the loan repayment should the borrower default. 5. Loan Amendment Agreement: In case either party wishes to modify or amend the initial loan agreement, this document outlines the changes agreed upon by both parties and ensures that any modifications are legally binding. These documents are not limited to specific types of personal loans, as they can be customized to suit various borrowing needs such as personal expenses, medical bills, tuition fees, or even home renovations. However, it is essential to tailor the document package to accurately represent the specific terms and conditions of each loan. By utilizing the Minnesota Personal Loan Agreement Document Package, both lenders and borrowers can create a legally binding and comprehensive agreement that protects their interests, minimizes potential disputes, and fosters a transparent borrowing experience.
