If you are lending a large sum of money to a friend or even borrowing a large sum of money, I strongly recommend that you get a written loan agreement. As you have stated, it is very important to not only clarify what the expectations are, but also have something signed and in writing that can be enforced in case something goes wrong. What you should also consider is a loan agreement with security. What happens if your friends business goes under and he has no way of repaying you back? Security means that he provides you rights over his assets in the event that he cannot pay you back. In terms of how you write your loan agreement, you can either go through a lawyer, which can be expensive, or go through a legal document website. Someone here has already mentioned www.easylegalonline.com which ironically is the site that I used for my loan agreement. I used the following document: http://www.easylegalonline.com.au/loans/loan-agreement-with-guarantee-and-security/ and it sounds like it would suit your needs as well. You can complete the document online just by filling in some forms and then you can view the results before purchasing. The final product is a downloadable word document which is professionally formatted and ready to sign. The site is run by Lawyers anyway, so in my opinion it is just as good as going to one and a lot cheaper. Anyway, have a look around, there are plenty of sites that sell them but as I said, their document worked for me and I would use them again. You can try writing your own loan agreement, but in my opinion, I would leave it to the professionals! Hope this information is useful.
Go to Legal Zoom. They have the following legal forms under Promissory note, which should fit your situation.Earnest Money Promissory Note An earnest promissory note can help you secure the purchase of a new home or property. Promissory Note (secured - amortized payments) Secure a loan with an amortized payment promissory note. LegalZoom.com s low-cost download can help you create the promissory note. Promissory Note (secured - demand) Get the money owed you with a secured promissory note demand. Promissory Note (secured - installment with balloon final payment) Secure a loan with an installment with final balloon payment promissory note. Promissory Note (secured - interest only with balloon final payment) Secure a loan with an interest only with final balloon payment promissory note. Promissory Note (secured - lump-sum payment) Secure a loan with a secured lump sum promissory note. Promissory Note (unsecured - amortized payments) Land a loan with an unsecured amortized payment promissory note. Promissory Note (unsecured - demand) Get the money owed you with a promissory note demand. Promissory Note (unsecured - installment w balloon final payment) Land a loan with an unsecured, installment with final balloon payment promissory note. Promissory Note (unsecured - interest only with balloon final payment) Land a loan with an unsecured, interest only with final balloon payment promissory note. Promissory Note (unsecured - lump-sum payment) Secure a loan with a lump-sum promissory note. Release of Promissory Note Create a release of promissory note to end your agreement definitively and avoid misunderstandings with help from LegalZoom.com
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I use www.easylegalonline.com.au ..this is a great site and is cheap and easy to use and has several excellent loan agreements suitable for all matters..good luck!! john
The best place you can get a loan agreement and are legally binding please contact Macro-Lenders Incorporate @macrolender@yahoo.com
