A Promissory Note Between Friends serves as a crucial tool for documenting informal lending arrangements between individuals who have a personal relationship. This document helps prevent misunderstandings and provides legal protection for both parties while maintaining the informal nature of the arrangement. It includes essential details such as the loan amount, payment schedule, interest rates, and default provisions. While common in the United States, the terms must comply with state-specific usury laws and lending regulations. Using a Promissory Note Between Friends is particularly important when significant sums are involved, as it transforms a verbal agreement into a legally enforceable document.
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1. Parties: Full legal names and addresses of the lender and borrower
2. Promise to Pay: Clear statement of the debt amount and promise to repay
3. Payment Terms: Specific details about payment amount, frequency, and due dates
4. Interest Rate: Specified interest rate (if any) and calculation method
5. Maturity Date: The date when the full amount must be repaid
6. Signatures: Dated signatures of both parties
1. Prepayment Terms: Optional section specifying terms for early repayment of the loan
2. Late Payment Penalties: Optional section defining consequences and penalties for late payments
3. Security/Collateral: Optional section describing any assets securing the loan
4. Default Provisions: Optional section defining conditions constituting default and consequences
5. Acceleration Clause: Optional section specifying conditions under which full payment becomes immediately due
1. Payment Schedule: Detailed breakdown of payment dates and amounts
2. Collateral Documentation: Details of any security/collateral (if applicable)
3. Amortization Schedule: Schedule showing principal and interest breakdown for each payment
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