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.
The Kentucky Personal Loan Agreement Document Package refers to a comprehensive set of legal documents that are specifically designed to facilitate and formalize personal loan agreements in the state of Kentucky. These documents are crucial for both the lender and borrower in order to ensure that the terms and conditions of the loan are clearly outlined, allowing for a smooth and transparent lending process. The Kentucky Personal Loan Agreement Document Package typically includes the following key components: 1. Loan Agreement: This document serves as the cornerstone of the package, outlining the specific terms and conditions of the loan. It includes crucial details such as the principal loan amount, interest rate, repayment schedule, late payment penalties, and any additional fees. The loan agreement also includes clauses related to borrower defaults, loan modification, and the rights and responsibilities of both parties. 2. Promissory Note: A promissory note is a legally binding document that details the borrower's promise to repay the loan under the agreed-upon terms. It includes information such as the loan amount, interest rate, repayment terms, and the consequences of default. The promissory note is signed by both parties to acknowledge their acceptance and commitment to the loan agreement. 3. Security Agreement: In certain cases, the lender may require collateral to secure the loan. A security agreement is a document that outlines the details of the collateral, such as property or assets, and establishes the rights and obligations of both parties in terms of protecting, transferring, or releasing the collateral. 4. Guarantor Agreement: If a borrower lacks sufficient creditworthiness or has a limited credit history, a guarantor may be required to co-sign the loan. In this case, a guarantor agreement is included in the document package. It specifies the responsibilities and liabilities of the guarantor, who becomes equally liable for the loan in the event of borrower default. 5. Disclosure Statements: These documents provide essential information on the loan, including the annual percentage rate (APR), total repayment amount, and any prepayment penalties associated with the loan. They ensure that the borrower is fully informed about the financial aspects of the loan. The Kentucky Personal Loan Agreement Document Package may also include additional forms or documents that cater to specific situations or requests. Some variations of the package may address specialized loans, such as student loans, home improvement loans, debt consolidation loans, or personal lines of credit. These variations contain customized provisions tailored to the specific loan type. In conclusion, the Kentucky Personal Loan Agreement Document Package is a comprehensive collection of legal documents designed to ensure clarity and protection for both lenders and borrowers. By using this package, individuals can confidently enter into personal loan agreements, knowing that all necessary terms and conditions are clearly stated and agreed upon.
