Complete Legal Georgia Loans Lending Forms For Free

A personal loan can be used for just about anything. Some lenders may ask what you plan to do with the money, while others will just want to be certain that you have the ability to pay it back. A personal loan isn't inexpensive, but it can be a viable option in a variety of circumstances.

To draft a Loan Agreement, you should include the following: The addresses and contact information of all parties involved. The conditions of use of the loan (what the money can be used for) Any repayment options. The payment schedule. The interest rates. The length of the term. Any collateral. The cancellation policy.

What a personal loan agreement should include Legal names and address of both parties. Names and address of the loan cosigner (if applicable). Amount to be borrowed. Date the loan is to be provided. Repayment date. Interest rate to be charged (if applicable). Annual percentage rate (if applicable).

The Do's for Lending to Friends and Family Lend Money Only to People You Trust. Limit Loans to What You Can Afford. Get It in Writing. Don't Lend More Than You Can Afford. Don't Let Guilt Drive Your Decision. Don't Lend Someone Your Credit.

It is possible to find a personal loan for immigrants or non-U.S. citizens. The rules and requirements vary by lender, so it's a good idea to shop around and look for lenders that would be willing to lend to you. These lenders may include a bank, credit union or online lender.

A personal loan agreement, sometimes referred to as a promissory note, is a legally binding contract between two parties. Although not always used, a personal loan agreement is a helpful document when lending money to a friend or family member.