A Promissory Note For Lending Money To Friend is commonly used when individuals want to formalize a personal loan arrangement with legal backing. This document, governed by English and Welsh law, provides protection for both the lender and borrower by clearly stating the loan amount, repayment terms, and any interest arrangements. It's particularly useful for maintaining friendships while ensuring financial accountability, as it removes ambiguity and provides a clear record of the agreement. The document can be used for various loan amounts and includes options for different repayment structures, making it flexible for various personal lending situations.
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1. Date: Date of the promissory note
2. Parties: Details of lender and borrower
3. Promise to Pay: Clear statement of obligation to repay specified amount
4. Payment Terms: Amount, due date, and method of payment
5. Signatures: Execution by both parties
1. Interest Rate: Terms of interest if applicable - to be included when parties agree on interest charges
2. Early Repayment: Terms for early repayment - to be included when early repayment is permitted
3. Late Payment: Consequences of late payment - to be included when parties want to specify late payment terms
4. Security: Details of any security/collateral - to be included when loan is secured
1. Payment Schedule: If installment payments are agreed, detailed payment schedule with dates and amounts
2. Security Details: If applicable, detailed description of any security/collateral provided including valuation and terms
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