Friends and family loan agreement
Use this document when you need to record the loan, but where you have a high level of trust with the borrower.
- Solicitor approved
- Plain English makes editing easy
- Guidance notes included
- Money back guarantee
About this document
Lending to friends and family can be a difficult.
A written agreement may seem too formal or raise questions of trust. But not using one can result in confusion about the terms, or mistaking the loan as a gift. After considering whether you want to be a lender, working out how to protect your money without seeming to question the integrity of the borrower can be challenging.
This agreement is simple in order to bridge the gap between not using an agreement at all, and using a longer, more comprehensive one. It is, however, legally binding and enforceable.
It could be used for situations such as short-term lending to a friend or family member to buy a car, or for longer period loans for a deposit on a property, or to fund an event or large purchase.
Either party may be abroad or in the UK, and the loan can be of any size.
This agreement contains no provisions for security or for a guarantor. If you want to bring in a guarantor, this document may be more suitable.
Definition and purpose of the loan
Sum of the loan and advances
Miscellaneous legal matters
This document was written by a solicitor for Net Lawman. It complies with current English law.
"I have used you in the past and am always impressed!"Diane Bantten (Acquit Debt Recovery)
"Simple to use, no silly file format issues that plague the US sites. Well done."AsiaEx Consulting Singapore
"I needed an Agreement and Google, as always, was where I headed. I found the Net Lawman site and initially I thought I needed a relationship type Agreement but the Lodger one was absolutely perfect.
I didn't think it would be so easy so would recommend your website to anybody who was looking for an Agreement to suit their needs."Wendy Auger