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If Payment is Late – If the payment is late the lender should issue a Demand Letter.Once all the money has been fully paid back to the lender a Loan Release Form is created and issued to the borrower relieving them from any liability from the note. If not, fees may be applied to the overall balance. The borrower should pay back the borrowed money on time and in accordance with the note. For excessive amounts (more than $10,000) a notary public is recommended. It is not required that a witness sign the form but is recommended. Signing – The money should exchange hands after it has been signed.
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For instructions on how to fill in the document, line-by-line refer to the How to Write section. Step 4 – Writing the NoteĪfter the main terms of the note have been agreed upon the lender and borrower should come together to authorize the formal agreement.
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In the case of a co-signer, he or she would be liable for the full extent of the money owed along with all penalties or late fees. This would mean that in the event the borrower did not pay back the funds that the lender would be able to obtain full ownership of the security placed in the note. Common types of security include motor vehicles, real estate (provided as a 1st or 2nd mortgage), or any type of valuable asset. If there are red flags that appear on the credit report the lender may want to have the borrower add Security or a Co-Signer to the note. Experian is known as the most sensitive credit agency usually providing the lowest score of the 3 Credit Bureaus ( Experian, Equifax, and TransUnion).Īuthorization Form – In order to run someone else’s credit, you must obtain written legal permission.
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Reporting Agencies – It is a good idea to use Experian which is free to the lender and charges $14.95 to the borrower. Therefore, it is imperative that a credit report is run before making any type of agreement. Especially if the debt is IRS or child support related it will take precedence over this promissory note. It is always a good idea to run a credit report on any potential borrower as they may have outstanding debt unbeknownst to you.
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This means that if the payment is not made by the borrower that the lender would have to either file in small claims court or through other legal processes. Unsecured Promissory Note – Does not allow the lender to secure an asset for money loaned. If the borrower does not pay back the amount within the time frame suggested the lender will have the right to obtain the property of the borrower.ĭownload: Adobe PDF, MS Word (.docx), OpenDocument Secured Promissory Note – For the borrowing of money with an asset of value “securing” the amount loaned such as a vehicle or a home.
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Usury Rate Laws – The maximum interest rate (%) allowed in a State.