Create Legal Kansas Personal Loans Forms For Free

Consider including: Names and addresses of the parties to the agreement. Loan amount (principal). Interest rate. Repayment terms, including dates, and any late fees or penalties. Signature lines.

Clearly state the details of the loan: The loan amount (in both numbers and words). The date when the loan is being taken. Whether the loan is interest-free or carries interest. If it carries interest, specify the interest rate.

What should be in a personal loan contract? Names and addresses of the lender and the borrower. Information about the loan co-borrower or cosigner, if it's a joint personal loan. Loan amount and the method for disbursement (lump sum, installments, etc.) Date the loan was provided. Expected repayment date.

How to Draft a Loan Agreement 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.

To win a case, you need to have some evidence that your friend owes you money. This doesn't have to be a written legal contract, with witnesses etc. Suing someone for money is a civil case and the judge will decide who wins ?on the balance of probabilities?, looking at whose story seems most likely.

Wiedman suggests putting everything involving the loan in your written agreement: "The date of the loan, loan amount, repayment terms, interest rate, payment due dates and so forth." That said, putting everything in writing can make things awkward, but it's a safe move if you want to ensure repayment.