05-15-2014, 06:53 PM
But for $25,000, I'd probably have a legal contract drawn up.
Or arrange for a third-party to draw it up and administer a payment schedule. For awhile the local new/traffic/weather radio stations here were running ads for company that provided just such a service. I haven't heard those ads for quite awhile now.
For $500, if I felt the potential need for legal documentation, I'd never loan the money in the first place. *I* would think if it as a gift, and if it was repaid, that would be a plus.
I've never had a company notarize a loan agreement when I signed it. Maybe that's just Ohio.
That may be because a company is part of the transaction. A credit card account is a loan, and you're legally obligated to pay back what you "borrow" without the action of a notary.
In the case of a personal loan between private parties, an "outside" witness is a good idea, if not just a legal requirement.
Or arrange for a third-party to draw it up and administer a payment schedule. For awhile the local new/traffic/weather radio stations here were running ads for company that provided just such a service. I haven't heard those ads for quite awhile now.
For $500, if I felt the potential need for legal documentation, I'd never loan the money in the first place. *I* would think if it as a gift, and if it was repaid, that would be a plus.
I've never had a company notarize a loan agreement when I signed it. Maybe that's just Ohio.
That may be because a company is part of the transaction. A credit card account is a loan, and you're legally obligated to pay back what you "borrow" without the action of a notary.
In the case of a personal loan between private parties, an "outside" witness is a good idea, if not just a legal requirement.