The Agreement For Lending Money To Friends is designed to address the common but potentially complex situation of personal lending within friendships in the United States. This document becomes essential when friends decide to formalize a monetary loan, helping prevent misunderstandings and protect relationships while ensuring legal compliance. It incorporates provisions that comply with state-specific usury laws and federal lending regulations, while maintaining a tone appropriate for friendly transactions. The agreement includes crucial elements such as loan amount, repayment terms, interest rates (if any), default provisions, and early repayment options. It's particularly valuable when the loan amount is significant enough to warrant formal documentation but doesn't require the complexity of a commercial loan agreement. The document strikes a balance between legal protection and maintaining the spirit of friendship-based lending.
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1. Parties: Identifies and provides full legal names and addresses of the lender and borrower
2. Background: Brief context explaining the friendship relationship and purpose of the loan
3. Definitions: Defines key terms used throughout the agreement
4. Loan Amount and Purpose: Specifies the exact amount being lent and its intended use
5. Interest Rate: States whether interest will be charged and if so, the rate and calculation method
6. Repayment Terms: Details the repayment schedule, including payment amounts, frequency, and due dates
7. Method of Payment: Specifies acceptable payment methods and payment instructions
8. Early Repayment: States terms for early repayment and whether any penalties apply
9. Default Provisions: Defines what constitutes default and consequences of defaulting
10. Representations and Warranties: Basic statements about the parties' capacity to enter into the agreement
11. Governing Law: Specifies the state law governing the agreement
12. Signatures: Space for both parties to sign and date the agreement
1. Collateral: Details any assets pledged as security for the loan, used when the loan amount is substantial
2. Late Payment Fees: Specifies any penalties for late payments, optional but recommended for larger loans
3. Death or Incapacity: Addresses what happens to the loan if either party dies or becomes incapacitated
4. Dispute Resolution: Outlines process for resolving disagreements, recommended for larger loans
5. Loan Forgiveness Terms: Conditions under which part or all of the loan might be forgiven
6. Witness Requirements: Space for witness signatures, recommended for larger loan amounts
7. Tax Implications: Addresses responsibility for any tax consequences of the loan
1. Schedule A - Repayment Schedule: Detailed table showing payment dates and amounts
2. Schedule B - Loan Disbursement Details: If loan is disbursed in multiple installments, details the dates and amounts
3. Appendix 1 - Proof of Identity: Copies of identification documents for both parties
4. Appendix 2 - Related Communications: Copies of any relevant email or text message exchanges discussing loan terms
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