When considering making a loan to family or friends, you
should consider treating the situation as strictly business. You should consider drawing up legal
papers--an agreement stating that the person will indeed pay the money back.
Your loan agreement can specify whether the loan is secured (that is, the lender
holds title to part of Borrower’s property) or unsecured, what the payments
will be, when they're due and what the interest is. Even if your loan agreement
is not complex, it is always a good idea to consult your attorney about the best
ways to structure the loan.
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