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#1
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Sample Loan Contract (USA)
I'm planning on letting a friend borrow a substantial amount of money (for the purpose of this thread, let's just say 15K). Does anyone know where I could find a Loan Contract that would hold up in a court of law (USA)? I trust my friend to repay, but a contract/agreement is just a necessary step "just in case". Thanks.
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#2
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Re: Sample Loan Contract (USA)
Sounds like your friend is using you just cause you have some money laying around. This loan would just cause problems with your friendship. The best thing to do is force him to get the loan from a bank.
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#3
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Re: Sample Loan Contract (USA)
wow, amazing how much information you picked up from such a short post. I didn't identify all of these subtelties from reading...guess I'll read it again.
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#4
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Re: Sample Loan Contract (USA)
[ QUOTE ]
Sounds like your friend is using you just cause you have some money laying around. This loan would just cause problems with your friendship. The best thing to do is force him to get the loan from a bank. [/ QUOTE ] I didn't notice where OP asked adise about if he should lend money or not, could you point that out for me? |
#5
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Re: Sample Loan Contract (USA)
I am pretty sure if you write a check and put "Loan for XXX" in the for box that a copy of the check would hold up in a court.
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#6
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Re: Sample Loan Contract (USA)
[ QUOTE ]
I am pretty sure if you write a check and put "Loan for XXX" in the for box that a copy of the check would hold up in a court. [/ QUOTE ] Sweet, I'm going to start putting that whenever a pay a bill. Boy will Verizon, etc., be surprised in a few years when I demand all that money back. |
#7
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Re: Sample Loan Contract (USA)
My only comment would be: Don't lend him the money unless you are perfectly okay with never seeing it again.
If he's a real friend, he wouldn't put you in this position. |
#8
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Re: Sample Loan Contract (USA)
Only on 2+2 could a request for a sample loan form turn into a multi-post pissing contest.
Here's a couple: google link http://www.medlawplus.com/legalforms...-loanagree.pdf http://www.lawdepot.com/contracts/loanagree/ Not that you asked, but I've loaned money to friends in the past so 2 unsolicited suggestions: 1) It helps avoid any awkwardness later if at the very least you specify in writing an exact date the loan is due to be paid off & what penalties like a high interest rate or $ amount that are incurred if loan is not paid off in time. 2) Charge interest that's more than you'd get on your own and less than they'd pay to a bank. |
#9
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Re: Sample Loan Contract (USA)
Unless you have collateral, the contract probably isn't worth a lot since if he ain't got it, you ain't gonna get it. And if he has it and doesn't want to pay, the cost of collecting it will eat up much of what the loan's worth and ruin your friendship.
Other than credit card loans, banks don't give personal loans with no collateral for good reason. A contract is just a piece of paper. It's better than not having one, but don't think that your money's secure just cause you have a 'contract.' |
#10
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Re: Sample Loan Contract (USA)
Thanks for the info guys. I was hoping someone could speak more on the issue of "collateral", as my friend does not really have anything worth close to the amount I am loaning. Car is owned by the parents, and they just recently graduated from college.
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