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Personal cash loans agreements can be legally documented using a Promissory Note. This note is used to document in writing the parties involved in the lending transaction in addition to the terms of the contract. Terms are decided between the lender and the borrower. It’s generally recommended to have a written loan contract when lending cash to friends, family members and business partners. This article suggests some key terms to spell out in a cash loan contract using a Promissory Note.
Cash Loan Contracts Basic Terms
The most basic points to include in a money loan agreement define the underlying transaction’s terms and the parties involved. The majority of loan contracts should include the following:
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