A Letter Borrowing Money From A Friend is commonly used when individuals seek financial assistance from personal connections rather than traditional lending institutions. This document is essential in the United States to prevent misunderstandings and protect both parties' interests by clearly outlining loan terms, repayment expectations, and any interest arrangements. While maintaining the informal nature of a friendship-based transaction, it provides legal protection and clarity for both the lender and borrower. The document should comply with state-specific usury laws and federal lending regulations, even though it's between friends.
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1. Date: Current date of the letter
2. Parties' Information: Full names and addresses of both lender and borrower
3. Loan Amount: Specific amount being borrowed in numbers and words
4. Repayment Terms: When and how the money will be repaid
5. Signatures: Signatures of both parties
1. Interest Rate: Include if charging interest, must comply with state usury laws
2. Payment Schedule: Include if repayment will be made in installments
3. Late Payment Terms: Include if there are consequences for late payments
4. Early Repayment Terms: Include if early repayment is allowed or has specific conditions
1. Payment Schedule: Detailed breakdown of payment dates and amounts if installment payments
2. Promissory Note: Optional formal promise to pay document that can be attached
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