Document background
The Personal Loan Contract Between Friends is designed for use in Belgium when individuals wish to formalize a lending arrangement with someone they know personally. This document becomes relevant when friends or acquaintances agree to a loan arrangement and want to ensure clear understanding and legal protection for both parties. It follows Belgian Civil Code requirements while maintaining an appropriate tone for personal relationships. The contract typically includes loan amount, interest terms (if any), repayment schedule, default provisions, and methods of payment. While not as formal as institutional lending agreements, this contract provides necessary legal structure and protection under Belgian law, helping prevent misunderstandings and protecting both lender and borrower. It's particularly useful for significant loan amounts or longer-term lending arrangements between friends where clear documentation is essential.
