It happens to everyone: having just a little too little money to meet your payment obligations. Because you just had an expensive repair to your car, for example, or because your washing machine or refrigerator suddenly broke down. Or maybe you have bigger plans and would like to start your own company , but you lack starting capital. There are different ways you can take to get some extra money in the short term, such as a loan from the bank, the UWV or the Social Service. But have you ever thought about borrowing money from friends or your parents? Probably.
To start with, you naturally ask your parents, family or friends if they are willing to lend you an amount. After all, obtaining a loan is a favor, not a right. You will also have to make an arrangement about the amount of money to be borrowed and the term within which the loan must be repaid. Also keep in mind that you will be asked about the purpose of the loan, and do not cheat with this: if you borrow money to buy a new refrigerator, it is of course not the intention that you also have that one nice dress co-finances, unless the lender gives his or her approval for this. In short: make good agreements and stick to them . If you really want to borrow wisely, then you record the agreements in a contract, which is signed by both parties.
How do you draw up a loan agreement?
The exact form and content of a loan agreement naturally differs from case to case. But every loan agreement should in any case contain agreements about:
- the identity of the borrower and the lender;
- the exact amount that is borrowed;
- the calculated interest or fee;
- the duration of the loan;
- the reimbursement (per week, per month, per three months?);
- the amount of the payment terms.
It may seem a bit odd or overly formal to sit around a table with family or friends to draft a loan agreement. Yet it is more important than you think, because you want to be able to get through one door with your family or friends. Keep in mind that a large percentage of all annual fights are about financial matters: for married couples, money accounts for as much as 60% of all fuss. With a good loan agreement you also overcome a lot of problems.