A family loan contract is an agreement made to facilitate a personal loan to a family member. These contracts are made between two or more family members. The main point of specification in these kinds of contracts is the terms of repayment of loan as in case of family, due to obligations, monetary considerations are taken lightly.
Sample Family Loan Contracts:
This contract is made between Mr. Frank Williams and his nephew Mr. Nash James on Date: 21st October, 2010 at Location: 12, west Minster street, Los Angeles.
Mr. Frank Williams is called the OBLIGOR and Mr. Nash James is called the OBLIGEE.
The obligor agrees to give a loan to the obligee on the condition that he must repay the amount within a fixed period of time.
Address of obligee: 12, Versailles villa, LA
Phone number of obligee: 4565767053948
Address of obligee: 34, greg street ,LA
Phone number of obligee: 4938209380900
Loan amount: $600
Payment Mode: cash payment
Loan purpose: higher study payment
The following terms and conditions are to be obliged by both the parties:
- The obligee agrees to repay the amount on monthly installment basis.
- The payment agrees to pay the amount within the first week of each month with interest rate of 7% per annum.
- The late fee charges in case of late payment by a week will be $75.
- The obligor and the obligee must retain the hard and soft copy of this contract.
- This document is legally binding for both the parties and shall hold legal results in case of breach.
Frank Williams Nash James