I am borrowing some money of a close friend.......?

Question

is there anywhere tha i can get a loan agreement template. I have agreed to pay him back interest but neither of us want there to be any mis understanding in the future especially as i will probably repay early we have agreed to put it in writing. We are good mates and he is doing me a big favour. it doesn't have to be legally binding.

Thanks in advance

Answer 1

by this quote

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Answer 2

If it's not legally binding, it doesn't have to be on paper.

And if you don't want it to be legally binding, does that mean you intend to welch?

I'm not a lawyer, but here's a go at it:

"I, ________________ ("Borrower") promise to repay ________ ("Lender") ____ monthly payments of _$_____ per month, on the ___th  day of the month, in consideration for a loan of _$________.

If I fail to make a payment on time, _______________

If I fail to make two consecutive payments on time, _______"

Answer 3

Have a look at this site and see if any of them suit your needs.

You say it does not have to be legally binding. There is no point in having a written agreement if it is not legally binding. You need to sign this agreement in case in the future, due to unseen circumstances you and your mate stop being friends and things get prickly.

The other thing I would suggest is that you each have another person to witness your signatures. They are not involved in the deal only witnessing that it is a genuine signature.

http://www.clickdocs.co.uk/simple-loan-a...

Answer 4

There are several if you google it. Also check office supply places. They have lots of templates. If your willing to sign then anything you write is legally binding BTW

Answer 5

In addition to the templates offered, I would suggest you check out a mortgage calculator... It will show you how much you're paying so both of you are clear... If you make additional payments towards principle, just go back and input te new data...

PS.. Choice Douglas is an "Advance Fee Loan Fraud" scammer...

Answer 6

if you want to carry on being close friends I would look somewhere else for your money, money and friendship doesn`t mix

Answer 7

Just write a simply promissory note.  Outlining the amount, the payment dates, the interest, date of initial loan and expected date of complete repayment.  

Make it something you know you can stick to.  Borrowing money from a friend is a great way to loose a friend.