How to Document a Loan Between Family & Friends

Whether you’re borrowing from or lending to family and friends, it can be a sensitive financial transaction that poses danger to the relationships.

You’re right to avoid any miscommunication by documenting the loan — both parties agree to whats written on paper.

Let’s face it:

If you’re lending money, you want to protect yourself in the case of nonpayment.

So, how can you draw up a loan agreement in the event that you need it to take legal action?

You’ll have to include certain terms so that you can make your case.

Find out:

  • The importance of documentation
  • Key terms to include
  • Alternatives loan options

Read more at My Bank Tracker.