FAMILY LOAN AGREEMENT
Loan Amount ___________________________________ Dollars ($____________)
THE PARTIES. For the above value received by _________________________
with a mailing address of _______________________, City of
State of ________________, (the “Borrower”), agrees to pay
_________________________ with a mailing address of _______________________, City
of _________________________, State of ________________, (the “Lender”).
a. Family Relation. The Borrower is the ____________________ to the Lender.
PAYMENT. This agreement, (the “Note”), shall be due and payable, including the
principal and any accrued interest, in one of the following ways:
☐ Once per week beginning on _______________________ and to continue every seven
(7) days until the balance is paid.
☐ Once per month beginning on _______________________ and payment is due every
thirty (30) days until the balance is paid.
☐ Other _________________________________________________________________
All payments made by the Borrower are to be applied first (1st) to any accrued interest and
then to the principal balance. The total amount of the loan shall be due and payable on the
____ day of ________________, _______.
III. INTEREST. The Note shall
☐ Bear interest at a rate of _______________ percent (________%) compounded
annually. The rate must be equal to or less than the usury rate in the State of the Borrower.
☐ Not bear interest.
IV. PREPAYMENT. The Borrower has the right to pay back the loan in-full or make
additional payments at any time without penalty.
V. REMEDIES. No delay or omission on part of the holder of this Note in exercising any
right hereunder shall operate as a waiver of any such right or of any other right of such
holder, nor shall any delay, omission or waiver on any one occasion be deemed a bar to
or waiver of the same or any other right on any future occasion. The rights and
remedies of the Lender sha