Family Loan Agreement – the details are a bit boring but they are important!
WHY SHOULD I USE THIS FAMILY LOAN AGREEMENT?
It means that both the borrower and the lender can be comfortable with the loan agreement. You can work through this easy to use document together and record what you’ve agreed. The lender will know that they have repayment protection. The borrower can agree an affordable repayment schedule. You can use it so that everybody is clear where they stand and to avoid putting a strain on your relationship.
WHAT’S IN THIS FAMILY LOAN AGREEMENT?
You don’t need a complicated document. Once you’ve agreed the important things, you need to include them in your written agreement. This straightforward document helps you with that process. It takes you through everything you need to discuss and include in the agreement.
You can make sure that you cover all the important things like the loan amount and how and when it will be repaid. You can also include what will happen if the borrower doesn’t pay. It will even help you include all the basic information required for the lender and borrower.
HOW TO USE THIS FAMILY LOAN AGREEMENT?
We think legal documents should be easy to use. This document is written by qualified lawyers, but we’ve made sure it’s in plain English.
First, you need to download the MS Word document and read through it. It is useful tool when you are discussing what to include in the loan agreement. Then work through the guidance video support. It takes you through each section of the document to help you finalise your agreement.
Once you’ve completed the process you will have an agreement that meets your expectations and needs. Job done!
NEED ANOTHER DOCUMENT?
Use our Business Loan Agreement if you are a business who wants to make a loan to another business