New Hampshire Loan Agreement for Friends
Description
How to fill out Loan Agreement For Friends?
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FAQ
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.
It makes sense to write-up a formal loan agreement ? even for very small amounts. If you have something down in writing at the start that is signed, it can help with disputes later on. A written loan agreement can benefit both parties because you can use it as protection if one of you breaches the terms.
Get It in Writing Drawing up a loan contract that you and the borrower agree to and sign makes it clear what your responsibilities are, and it gives you grounds for legal recourse if you end up needing to sue them later to get your money back.
This contract is called a promissory note. Should it be any different if you borrow money from friends or family? Not really. Even if they've known you for years, they still need assurance that you'll repay them as promised.