A Loan Agreement Between Family Members is essential when family members wish to structure a formal lending arrangement in the United States. This document helps avoid future disputes by clearly documenting loan terms, complying with IRS regulations regarding family loans, and addressing state-specific usury laws. It typically includes loan amount, interest rate (which should meet IRS Applicable Federal Rate requirements), payment schedule, default provisions, and any security arrangements. The agreement helps maintain family harmony by treating the transaction as a proper business arrangement while potentially offering more flexible terms than traditional lenders.
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1. Parties: Identification of lender and borrower with full legal names and addresses
2. Background: Context of the family relationship and purpose of the loan
3. Definitions: Key terms used throughout the agreement
4. Loan Amount and Purpose: Specific amount being borrowed and its intended use
5. Interest Rate: Agreed interest rate and calculation method
6. Repayment Terms: Payment schedule, amounts, and method of payment
7. Term of Agreement: Duration of the loan and maturity date
1. Security/Collateral: Details of any assets securing the loan - used when loan is secured by specific assets
2. Early Repayment: Terms for early loan payoff - included when early repayment is allowed
3. Default Provisions: Consequences of missing payments - included when formal default terms are desired
4. Death or Incapacity: Handling of loan in case of death or incapacity - recommended for longer-term loans or elderly parties
1. Payment Schedule: Detailed breakdown of payment dates and amounts
2. Collateral Description: Detailed description of any security/collateral - required for secured loans only
3. Promissory Note: Formal promise to pay document - included when additional documentation is desired
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