Uploaded by: Betty Cosper at February 14 2018 01:55:17.
The family loan agreement is a template that allows two (2) family members construct a legal contract for the lending of money to a borrower in exchange for being paid back at a later time with interest. Considering the person that is borrowing the money is family, the loan is unsecured which means there are no assets behind the paper agreement. If the borrower does not repay the debt, the lender’s only route to get their money back will be to go through legal action or small claims court.
A person is a notary public if the state has issued them a license to fulfil such a role. The job of the notary is to ensure no fraud occurs during the official signing of the document. Part of the notarial acts the notary fulfils is to prove the lender and borrower are who they say they are before entering into an agreement. It is another measure that helps protect both parties signing the free loan agreement template.
A personal loan agreement template is a document that anyone can use to protect themselves as a lender. Filling out a simple loan agreement ensures that there is no confusion between the lender and the person in need of funds. A loan contract template takes the difficulty out of designing a concise and precise document. If the document is to be worth anything at all in a court of law, it must be accurate and define every aspect of the loan in question.
In a loan agreement template, the amount of the loan is in print. The printed terms prevent future dispute of loan terms. If there is interest on the loan amount, the amount of interest is also part of the documented material. Having the loan amount clear ensures no disagreement about what the borrower receives. The borrower is also clear about repayment expectations. Repayment expectations include the amount of the loan plus interest. It also includes the length of time the borrower must repay the total amount. The time the lender allows for repayment is part of the options the borrower conveys in writing. The timeframe might be days, weeks, months, or years.
business loan agreement
personal loan agreement
sample loan agreement