FORMBLITZ loan agreements and promissory notes allow you to lend money in a legally secure way.
Specify repayment for your type of loan with our loan agreements. When lending money, create a simple transaction record with a promissory note to prevent any misunderstandings. Use “secured” loans or promissory notes if the loan is being backed by the borrower's assets.
Some people categorically refuse to lend money for certain reasons. Normally it is not a stranger, who is asking you to lend him money, it is usually a good friend or a relative. Because you have a relationship with the person, who is asking you for money, you feel morally obliged to help him. But the loans between family members or friends tend to be open ended and the lender feels like a bad guy, when he is asking for repayment. Especially loans between family members can lead to awkward situations. When a family gathering takes place, the borrower feels uncomfortable being around the person who loaned him money and the other ones who know about the loan. Additionally the borrower feels like becoming a servant to the lender in some cases. He feels he has to please the lender and is not able to oppose him in any way.
How can you avoid all these problems? Some of them can surely be solved by concluding a loan agreement, that is written down and signed. Maybe you think a small IOU-Note will do, but it will not, because it is just an informal document that does not lay out the repayment terms such as the date of payment. An IOU specifies the debtor and the creditor and the owed sum, but normally that’s all. You need a detailed loan agreement to avoid misunderstanding or confusion.
FORMBLITZ offers a wide range of various loan agreement templates that will fit your needs. All loan agreement forms have been written by skilled attorneys and are available for every single state as PDF and Doc File. But before choosing and downloading a template, let me introduce them to you.
The demand loan agreement template is an agreement in which the borrowed sum (plus interest rate) has to be repaid at the lender`s request. The borrower promises repayment and a late charge if default occurs. The lender promises not to make demand before an appointed date. After that certain date the lender is free to demand repayment. That is why demand loan agreements tend to be a little bit open-ended: The lender is forced to ask for repayment and this makes him feel uncomfortable. The borrower on the other hand can never be sure about the day repayment becomes due, until he will get a written note of the lender demanding his money back. If this flexible due date does not cause headache or sleepless nights to you, then you can use a demand loan agreement form.
FORMBLITZ also offers a secured demand loan agreement form, in which the lender will be protected by collateral if the borrower is unable to repay the loan or in the event of default.
The balloon loan agreement template is an agreement in which the sum has to be repaid in one lump payment on a predetermined date. In my opinion it is advantageous to set a payback date to avoid confusion and by the way you always can extend the deadline. Not setting a due date at the beginning makes the agreement kind of open-ended. You can download a secured balloon loan agreement template, too. In that kind of agreement the lender is protected by collateral.
The installment loan agreement form can be used for loans, in which the borrowed sum has to be repaid in periodic intervals over a set period of time. At the end of this time period any remaining balance will be due. The installment has to be repaid monthly. The installment loan agreement form is also available in a secured version.
FORMBLITZ offers all of these different types of loan agreements as templates that easily can be downloaded and filled in. Of course, any loan agreement template has to be signed by both parties.
FORMBLITZ` loan agreement forms have been written by skilled attorneys. They are available as PDF and Doc file for every single US state and easy to fill in. They will help you feel legally secure. Download one that fit your needs.