Friends and family loan agreement

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Document overview

This is a simple loan agreement suitable for lending to friends or family.

Use this document when you need to record the loan, but where you have a high level of trust with the borrower.

Compliant
Compliant with the latest law in
  • England & Wales
  • Scotland
Document propertied
Document properties
  • Length:3 pages (650 words)
  • Available in:
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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 loan agreement secured by guarantee is more suitable.

Contents

  • Definition and purpose of the loan
  • Sum of the loan and advances
  • Repayment conditions
  • Interest payable
  • Miscellaneous legal matters
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Recent reviews

Great Service
08 January 2024
Good service overall. Document purchased easily. Would recommend.
Carole Warren
Great Service
17 September 2023
Out of the blue I received a heartfelt plea for a considerable loan of money to help the offspring of a former partner improve her credit rating for mortgage purposes. Finding the right balance between compassion and binding formality was very difficult until we found Net Lawman. There we found everything to be considered before making the significant step of on the one hand borrowing, and on the other lending, and how to make it as near legal as possible. Excellent advice and with just the right language. Very grateful indeed.
Anthony Butler
Great Service
15 August 2023
The form was excellent. I was a little nervous about using an online form but it saved me 100s of pounds. Had a follow jp call from a lovely man checking on me, no pressure just a very sincere courtesy call. Would definitely recommend Net Lawman to anyone and everyone!
Cathy Forster
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