The Promissory Note For Family Loan is commonly used in the Philippines when family members need to formalize financial arrangements between themselves. This document type combines the legal framework of a standard promissory note with considerations specific to family relationships under Philippine law. It's particularly useful when family members want to maintain clear records of financial transactions while avoiding commercial lending channels. The document should comply with the Civil Code of the Philippines and the Family Code, especially regarding interest rates and family property relations. It typically includes the loan amount, repayment terms, any applicable interest, and signatures of both parties. While maintaining its legal enforceability, the document often includes more flexible terms than commercial loans to accommodate family circumstances. The note can be either a simple document or notarized for additional legal protection, depending on the loan amount and family preferences.
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1. Heading: Title of document, date, and location of execution
2. Parties: Full legal names and addresses of the lender (family member extending the loan) and borrower (family member receiving the loan)
3. Principal Amount: Clear statement of the loan amount in both numbers and words
4. Promise to Pay: Express promise by the borrower to repay the loan amount to the lender
5. Payment Terms: Specific details about when and how the loan will be repaid, including payment schedule and method
6. Interest Rate: Statement of any interest rate being charged (if applicable) and how it is calculated
7. Due Date: Clear statement of when the full amount must be repaid
8. Execution: Signature block for both parties with date of signing
1. Security/Collateral: Include when specific assets are being used to secure the loan
2. Late Payment Terms: Include when there are specific consequences for late payments
3. Prepayment Provisions: Include when early repayment is allowed and any associated terms
4. Default Provisions: Include when specific consequences for default need to be outlined
5. Witness Section: Include when parties want additional verification of the agreement
6. Notarization: Include when parties want additional legal formality or when loan amount is substantial
7. Co-Signer Section: Include when another family member is co-signing the loan
8. Forgiveness Conditions: Include when there are specific conditions under which part or all of the loan may be forgiven
1. Payment Schedule: Detailed breakdown of payment dates and amounts, particularly useful for installment payments
2. Collateral Details: Detailed description of any assets being used as collateral, including valuations if applicable
3. Family Agreement Terms: Any additional family-specific arrangements or understandings related to the loan
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Family Lawyer
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Notary Public
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Estate Administrator
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