How Do You Write A Loan Note?
When family members or close ask you for a loan, it is a good idea to write a loan note about the agreement. The loan note is simply a document that summarizes the terms of the loan so that the agreement can be referenced at a later date if problems should arise. Here are the steps to take to write a loan note. Begin by stating your name, and establishing yourself as the lender. In the same paragraph, include the name of the person that you are lending the money to and establish them the as the borrower. Next, clearly indicate the amount of money that is to be loaned in this situation. Describe this amount as the principal, and note that it does not include any interest due. It is also important to describe the terms of payment and interest. In a new paragraph, indicate what percentage of interest you will be charging, and how often payments should be made. Be sure to notate what date the payment is to be received on. If there is collateral on the deal, this must also be described in t
