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Loan to friend. Promissory Note?

(2 Posts)
InspectorPenguin Thu 23-Jun-16 17:37:30

I'd like to help out a friend who needs a sum of money relatively quickly.

While I obviously trust her I would like some level of security and have been reading about Promissory Notes (although I do realise that the legal process to recover funds if anything did go wrong would be lengthy and complicated).

Can anyone advise as to whether the note needs to be drawn up by a solicitor (there are lots of templates available online by the look of it) and also whether it can be written and signed after the loan has been made?
Purely asking that as time wouldn't be on our side if we do need to get lawyers involved...

In case it's relevant I wouldn't be looking to charge any interest and would expect to be repaid in full in two or three months' time.

Thanks in advance for any advice.

HereIAm20 Wed 29-Jun-16 21:58:20

Only lend it if you can afford to write it and the friendship off if they don't pay you back! Definitely get the agreement drawn up by a lawyer and done before tou hand over cash. Ok to be interest free if paid within 2/3 months but put in provisions for interest after then just in case!

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