This package includes the essential forms needed for making and collecting a personal loan. These forms are an important tool for avoiding future misunderstandings and disputes. Purchase of this package is a savings of more than 50% over purchase of the forms individually!
The following forms are included in this package:
Unsecured Installment Payment Promissory Note for Fixed Rate - This is a Promissory Note for your state. The promissory note is unsecured, with a fixed interest rate, and contains a provision for installment payments.
Secured Promissory Note - This form is a secured Promissory Note. The note includes a provision which describes the collateral to be used as security on the loan. The form also contains a section which details various actions which would constitute default on the note.
Personal Guaranty - General - This form is a Guaranty. The form provides that the guarantor assures the full and prompt payment of all obligations incurred by the payor.
Sample Letter for Past Due Balance - This is a sample notice for use when a debtor is overdue in payments on a promissory note. A time period for making payment before further action is taken, which may be modified to suit your needs, is provided.
Complaint for Past Due Promissory Note - The form is a complaint for a default on payments due pursuant to a promissory note. The complaint adopts the "notice pleadings" format of the Federal Rules of Civil Procedure, which have been adopted by most states in one form or another.
Promissory Note with Installment Payments - This form is a Promissory Note. The form provides that the borrower promises to pay the lender in monthly installments. The agreement also provides that there will not be a pre-payment penalty on the note.
Notice of Default in Payment Due on Promissory Note - This form is a notice of a failure to make a required payment when due pursuant to a promissory note. The form also contains a warning to the breaching party that legal action will be taken unless the breach is remedied on or before a certain date. This form is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a notice in a particular jurisdiction.
Resolution of Meeting of Corporation to Make Specific Loan - This form is a resolution of meeting of a board of directors or shareholders to make specific loan. This form may be easily modified for use by other business entities.
Receipt for Payment of Account - This form is a Receipt. The form provides that the undersigned acknowledges the receipt of a certain sum of money which constitutes payment on the account named in the receipt. The receipt also lists the balance remaining on the account, if applicable.
Promissory Note with Confessed Judgment Provisions - This form is a Promissory Note with Confessed Judgment Provisions. The maker of the note promises to repay a loan received from the lender, with interest. The form provides that if the maker defaults upon the loan, the lender may exercise the option of demanding the immediate payment of the entire loan. The debtor agrees to have judgment entered in the lenders favor if court action is brought to enforce collection.
Balloon Unsecured Promissory Note - This form is a model balloon promissory note, with a fixed interest rate. A balloon note is structured such that a large payment is due at the end of the repayment period. Adapt to fit your specific circumstances.
Alabama Personal Loan Agreement Document Package is a comprehensive set of legal documents that serve as a binding contract between a lender and borrower in the state of Alabama. These documents outline the terms and conditions of a personal loan, providing clarity and protection for both parties involved. The Alabama Personal Loan Agreement Document Package typically includes the following essential documents: 1. Personal Loan Agreement: This is the primary document that outlines the specifics of the loan, such as the loan amount, interest rate, repayment schedule, and any additional terms agreed upon. It is a legally binding contract that ensures the borrower's commitment to repay the loan and the lender's rights to seek recourse in case of default. 2. Promissory Note: This document serves as a written promise by the borrower to repay the loan amount within the agreed timeframe. It includes details like the loan amount, interest rate, repayment schedule, and penalties for late or missed payments. 3. Security Agreement: In some cases, the lender may require collateral to secure the loan. The security agreement establishes the rights and obligations regarding the pledged collateral, providing security to the lender in case of default. 4. Guarantor Agreement: If a third party, such as a family member or friend, guarantees the loan repayment, a guarantor agreement is included. This document outlines the role and responsibilities of the guarantor, who agrees to repay the loan if the borrower defaults. 5. Disclosure Statement: This document is required by state law and provides important information regarding the loan, including the total amount borrowed, annual percentage rate (APR), finance charges, and other fees associated with the loan. It ensures transparency and helps borrowers make informed decisions. 6. Legal Notices: The document package may also include legal notices required in Alabama, such as notices related to the Fair Debt Collection Practices Act (FD CPA), Truth in Lending Act (TILL), and state-specific regulations. The Alabama Personal Loan Agreement Document Package allows lenders and borrowers to establish a legally binding agreement that protects their interests. It ensures that both parties understand the terms of the loan and provides a clear recourse in case of any disputes or defaults. Different types of Alabama Personal Loan Agreement Document Packages may exist based on specific loan types, such as: 1. Secured Personal Loan Agreement: This package includes additional documents related to collateral provided by the borrower to secure the loan, such as a security agreement and documentation related to the pledged asset(s). 2. Unsecured Personal Loan Agreement: This package is tailored for loans that do not require collateral. As no security is involved, the package may exclude a security agreement and related documents. 3. Joint Personal Loan Agreement: If multiple individuals (joint borrowers) require a loan, this package includes documents that outline the terms and responsibilities of each party involved. By utilizing the Alabama Personal Loan Agreement Document Package, borrowers and lenders can ensure a transparent and legally secure loan agreement that protects their interests and minimizes potential conflicts or misunderstandings.
