General Question

dtone's avatar

Where can I find a loan repayment contract?

Asked by dtone (36points) February 12th, 2008

I lent a buddy of mine some money, a little over $2,000. I did this as a personal favor. After thinking it over I thought it would be a good idea to have some kind of contract in place. I am not charging interest, but I do want him to be legally bound to repay the loan. I’m looking for a simple loan repayment contract or something of the sort. Anyone know where I can find something like this? Thanks!

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6 Answers

jrpowell's avatar

If I was you I would check to see how much it would be to have a local lawyer draft it. Laws vary by state so it would be better to have someone familiar with local laws write it.. I’m sure most already have a form letter that just needs to have some details filled in. It might be 50$ to have one drafted.

If you don’t want to go that route I would just write up one with as many details as possible. For 2K you will end up in small claims court.

dtone's avatar

A lawyer may be a good idea. As a reference for others, I found a good simple loan repayment contract here.

gooch's avatar

Hand written sounds good to me its free and most people honor things they sign out of fear of lawsuits. Most banks where I live notarize for free if you have an account with them.

srmorgan's avatar

Some office supply stores will carry blank promissory notes that can be filled in with the proper information such as names of the parties, amount of the loan, interest rate, where applicable, terms of repayment,

I have used these notes for loans to employees at work.

This is a simple transaction that should not require too much effort to be put into writing.

I am not an attorney but I have had friends in law school tell me that a simple contract can be written on a napkin and be upheld by a court of law.

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Paydayin1hour's avatar

Indeed, a formal contract from a laywer would be a good idea.

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