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    libyj00's Avatar
    libyj00 Posts: 1, Reputation: 1
    New Member
     
    #1

    Dec 28, 2007, 04:10 PM
    Private family loan agreement
    I need to generate a promissory note for a loan between family members. How do I go about that, so that it's legal and binding?
    Wondergirl's Avatar
    Wondergirl Posts: 39,354, Reputation: 5431
    Jobs & Parenting Expert
     
    #2

    Dec 28, 2007, 04:13 PM
    At least have the signatures notarized.
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #3

    Dec 28, 2007, 05:53 PM
    It needs to be specific, as to how much is borrowed, and what the payments are going to be, and when they start, and how many payments are to be made. Also late fees and the such should be noted.

    Most office supply stores offer blanks that can be filed in.
    Wondergirl's Avatar
    Wondergirl Posts: 39,354, Reputation: 5431
    Jobs & Parenting Expert
     
    #4

    Dec 28, 2007, 06:12 PM
    Also interest that will be charged, if any.

    There should be promissary note forms online too.

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