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.
A personal loan agreement with interest refers to a formal contract between two parties, usually an individual borrower and a lender, outlining the terms and conditions of a loan transaction. In this agreement, the borrower agrees to borrow a specific amount of money from the lender under the agreed-upon terms, including the principal amount, interest rate, repayment schedule, and any additional fees or penalties. Keywords: personal loan agreement, interest, detailed description, types There are several types of personal loan agreements with interest, each designed to cater to specific needs and circumstances of the borrower. Let's explore some common types below: 1. Fixed-rate personal loan agreement: This type of agreement entails an interest rate that remains unchanged throughout the loan's duration. It provides stability and predictability in monthly repayments, as borrowers have a clear understanding of the exact amount they need to repay each month. 2. Variable-rate personal loan agreement: Contrasting, a variable-rate agreement features an interest rate that fluctuates with market conditions. Typically, tied to a benchmark interest rate, such as the prime rate, this agreement's interest rate can increase or decrease periodically, impacting the borrower's monthly repayment amount. 3. Secured personal loan agreement: In a secured agreement, borrowers provide collateral, such as a property or vehicle, as security against the loan. This collateral reduces the lender's risk and often results in a lower interest rate for the borrower. However, defaulting on payments may lead to the borrower losing possession of the collateral. 4. Unsecured personal loan agreement: Unlike secured agreements, unsecured personal loan agreements do not require collateral. As a result, lenders may charge higher interest rates to compensate for the increased risk. These agreements are commonly used for smaller loan amounts, and the borrower's creditworthiness plays a significant role in determining eligibility and interest rates. 5. Payday loan agreement: Payday loans are short-term agreements designed to provide individuals with quick cash until their next payday. These loans often come with high interest rates and fees due to the short repayment period and lack of extensive credit checks. Borrowers must exercise caution and ensure they can repay the loan on time to avoid additional financial strain. 6. Debt consolidation loan agreement: This agreement is suitable for individuals seeking to combine multiple debts into a single loan. By consolidating debts, borrowers can simplify their repayments and potentially secure a lower interest rate. Debt consolidation loan agreements aim to help borrowers manage their finances more effectively. In summary, a personal loan agreement with interest is a legally binding contract that outlines the terms and conditions of a loan between a borrower and a lender. These agreements can vary in interest rate structure, collateral requirements, and repayment terms, catering to different financial needs and situations.
