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  1. Post

    Loan Agreement - Family

    I am likely going to be lending a significant amount of money to someone in my extended family. To provide relevant protection, I figure it's best to put something in writing.
    I've searched the internet for a Loan Agreement Template and I'm a cheap bastard who doesn't really want to pay for one.

    Anyone have one or know where to go for one? It would need to be relatively relevant to New Zealand law.

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    Surely if it is a significant amount of money it's better to have a lawer look at it? Will there be any security involved?

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    bas wrote:
    Surely if it is a significant amount of money it's better to have a lawer look at it? Will there be any security involved?
    Significant for me is probably not significant for others. It's likely going to be around $1500.
    Maybe I'll just pay the $19
    Last edited by MXRecord; 24th August 2016 at 1:38 pm.

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    If it's such a small amount they can surely obtain the money through the normal sources right?

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    MXRecord wrote:
    Maybe I'll just pay the $19
    _________ agrees to loan $______ to ____________ on __/__/__ to be repaid weekly/fortnightly at a rate of $_____ per installment for a total of ROUNDUP[(principal + interest) / rate] weeks/fortnights.
    Both parties agree to intention to be legally bound.
    $18 pl0x.
    Last edited by teelo7; 24th August 2016 at 2:20 pm.

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    teelo7 wrote:
    $18 pl0x.
    Haha. I was going to write in weekly / fortnightly repayments etc.

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    It will be overkill for what you need but you can rip off the Law Society one:

    Be sure to video the whole thing so we can see the reaction on their face when you present them with the entire form.

    Really all you need is proof you made a payment to the person (so cheque or bank transfer rather than cash) and an acknowledgement from that person the amount is a loan and they have an obligation to repay you.

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    Just write it yourself.

    If they don't pay you probably ain't getting it back anyway.

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    Zarkov wrote:
    Just write it yourself.

    If they don't pay you probably ain't getting it back anyway.

    I loaned my friends a substantial chunk of money.
    We just did a basic scribble on a bit of paper, with the agreed interest, and payment plan.

    If they have any way to repay me they will, regardless of paper.

  10. Post
    only loan family money you can afford to lose.

    otherwise tell them to get a personal loan from their bank.

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    yeah would be dodgy, not much upside, but potential huge downside.

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    It's family.

    Sometimes you gotta do what you gotta do, even if it means you don't see the money again.

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    Remember what that episode of the Simpsons taught us that one time: "its not borrowing if its family, its mooching"

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    If it's a significant amount of money to you, i'd think very carefully. If they can't get it elsewhere, chances are you won't get it back, as mentioned. I haven't heard from the last person I lent something to in about two years... it wasn't money, but the end result is the same.

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    Objectively that's not a very significant amount. It's low enough that should anything come up, you can resolve it with minimal costs in the Disputes Tribunal, which covers claims up to $20k. A basic "IOU" with some dates (i.e. due date) and signatures should suffice.

    However, as the above poster said, there are plenty of small loan providers out in the market. If they can't even get $1500, then it's likely that they are not in a good position to repay the loan. If you are certain that's not the case, and they are just being lazy, then go ahead.

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    Be very careful when crossing the road, that is a very risky step sometimes.

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    Tell them you lost the money on the gee gees and steer them to the bank for an overdraft.

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    OP has likely declared bankruptcy since this thread was created.

  19. Post
    wasted time reading the whole thread then realising it was from 2016.
    thanks goliaph for the useless thread dig.

  20. Post
    Goliaph and his buddies are why GP is running like arse lately. Bunch of randoms hitting ancient threads for reasons unknown.

    They all seem to be lending threads, as well. There was that other guy who necroed a Student Loan thread. And Goliaphs other post is about student loans.

    They probably have a bot smashing search for money keywords.

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    Also I have a funny story about familial lending.

    My sister used to be shit with money, she's still not good with money, but average everyday person now.

    She'd borrowed from me many times promising repayment weekly, and of course it would trail off after a few weeks.

    So one day I wrote up a contract for a new loan she wanted to pay a bond on a flat, she said it would all be repaid in X weeks in a lump sum, so I deadlined it and added a clause that said if they didn't meet the deadline I'd take control of their car until it's paid.

    Of course she didn't meet the deadline, so I asked for her keys, she had a whinge about her partner needing to get to work, I said he can take the bus. Then took the keys and the car sat outside their house unusable.

    After one day taking the bus the money was deposited into my account.

    Moral of the story, people will gladly bite the hand that feeds until the hand punches them in the face, which it rarely does with family. So they'll bite, bite and bite away. You don't need to screw them, but enforce annoyances to keep them honest.

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    Well handled, I'd say. Have they asked you for a loan since?

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    Mutton wrote:
    Well handled, I'd say. Have they asked you for a loan since?
    Hah, of course, and I didn't write a contract and the payments trailed off after a few weeks again. This was years ago, though.

    I finally got a lump sum about 6 months ago of that, hence me believing she now has average everyday person levels of money skills. It's my older sister, so it's not like she was 18 and now she's 25 and just grew up. More like she was 30 and now she's 36.

    The best part is she's an accountant.

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  25. Post
    The only accountant I know is skint and has zero money sense. So I can believe that.