Common Contracts
1 similar Family Loan Agreement contracts
Borrowing money from family contract templateFamily Loan Agreement • May 7th, 2021
The family loan agreement is a document that is made between relation by blood or marriage with one (1) acting as borrower and the other a lender. The family member that is asking for the money may be required to pay an interest rate, defined as a percent compounded annually, by the lending party. If so, the lender will be paid back more money than what was originally lent to the borrower. Although, usually funds loaned between family members are not charged an interest rate but depends on the family relationship. A Family Loan Agreement is also referred to as the following: Loan Agreement Form between Family Members Simple Loan Agreement between Family Family Loan Agreement Document Table of Contents A family loan agreement shares the same basic elements with other lending contracts. It should specify a repayment term and payment schedule, an interest rate, and other contingencies, such as how late payments or a default will be handled. Like any other legal contract, this agreement sh
