How Do You Draw Up A Loan Agreement That Includes Amount, Interest And Monthly Payment Schedule?
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This article covers the basics of drawing up a promissory note. If you are a mentally competent adult over the age of 18, you can enter into such an agreement. The lender and borrower are known as the parties to the agreement. Get it in writing. Even though oral contracts are enforceable, it’s a good idea to get the agreement in writing, in case the parties disagree about the terms, the borrower declares bankruptcy or one of the parties becomes ill or dies. Decide who will sign the note. If the money is being loaned to two parties, they should be jointly and severally liable for the note so that if one fails to pay, the other is responsible for the entire amount of the note. Will there be security? Car loans, as one example, are secured by the vehicles financed, so they are usually easier to get than other loans. Set the interest. Even if you are lending to friends or relatives, setting a fair interest rate is a good idea. It furnishes incentive to pay off the loan as scheduled and let