Legal Question in Business Law in California

Re: personal loan contract

Go to law school and study contracts for four years? Or, just go to US Legalforms and buy a form that you can download and edit. Or, call me and I'll draft one for you at a reasonable fee. Good luck. Thanks for inquiring.

Re: personal loan contract

You need a promissory note.

Re: personal loan contract

If the amount is reasonably small in relation to your total resources and the borrower's potential for making payment, an unsecured loan evidenced by a promissory note may be sufficient.

In big-buck situations, or where the loan's non-repayment would stress your finances, or where the borrower's intent or capacity to repay are uncertain, the note should be supported by collateral, in which case you will need a written loan package including a security agreement. If the loan is made to an incorporated business or LLC, personal guarantees of the principal owners should be considered as well.

Re: personal loan contract

Thank you for your inquiry.

A little research will go a long way in this area. You may find examples you can use for your specific needs, and you'll need to look at your contract from the point of view of the opposing party, and make sure any defenses they may have are dealt with in the signed contract.

You may wish to do this yourself, or use the services of a paralegal or attorney.

I hope this helps, but if you have further questions, or feel that you need legal representation, please feel free to email me directly at [email protected]. I'm happy to help in any way that I can.