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 Oklahoma Personal Loan Agreement Document Package is a comprehensive collection of legal documents used by individuals and lenders involved in personal loan transactions in the state of Oklahoma. These documents outline the terms and conditions of the loan, ensuring both parties are adequately protected and have a clear understanding of their rights and responsibilities. The package includes various agreements and forms that are tailored to different types of personal loans and borrower situations. Some common types of Oklahoma Personal Loan Agreement Document Packages are: 1. Secured Personal Loan Agreement: This document is used when the borrower offers collateral, such as a property or a vehicle, to secure the loan. It clearly defines the collateral, its value, and the consequences if the borrower fails to repay the loan. 2. Unsecured Personal Loan Agreement: In cases where the borrower does not provide any collateral, an Unsecured Personal Loan Agreement is utilized. This agreement relies solely on the borrower's creditworthiness and specifies the repayment terms and consequences for default. 3. Installment Loan Agreement: This agreement lays out the terms of a loan that is repaid in regular installments over a specified period. It includes details about the repayment frequency, amount, interest rate, and any other relevant terms. 4. Personal Line of Credit Agreement: This document establishes a revolving line of credit that the borrower can draw from as needed. It outlines the credit limit, interest rate, and repayment terms for the borrower's convenience. Each of these packages consists of several essential documents to ensure the legality and enforceability of the loan, including: 5. Promissory Note: A Promissory Note is a legal document that details the terms of the loan, including the principal amount, interest rate, repayment schedule, and any penalties or fees for default. 6. Disclosure Statement: This document provides a summary of the loan terms, including the total cost of borrowing, annual percentage rate (APR), and any additional fees or charges. 7. Guaranty Agreement: In some cases, a third party may guarantee the loan repayment. The Guaranty Agreement sets out the terms and conditions agreed upon by the guarantor and the lender. 8. Security Agreement: When collateral is involved, a Security Agreement is used to document the details of the collateral, its value, and the lender's rights in the event of default. By utilizing the appropriate Oklahoma Personal Loan Agreement Document Package, lenders and borrowers can create a legally binding and comprehensive agreement that protects the interests of all parties involved. It ensures transparency, clarity, and fair lending practices, which are paramount to maintaining trust and minimizing disputes throughout the loan term.
