Family loan agreement

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Family loan agreement

Parties
Party 1
Party 2
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Details
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Amount
Date
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The details

About the family loan agreement

The family loan agreement is a specialized legal document that allows relations (either by blood or marriage) to enter into a loan agreement. One family member acts as the creditor and the other family member acts as the borrower. It’s similar to standard loan agreements in that the creditor may ask the borrower to pay interest on the amount borrowed. The interest is calculated based on a compound annual rate and is limited by usury laws in the state the agreement was entered into. Of course, this is up to the lender. Oftentimes, family members will forgo an interest payment because of their relationship.

Family loan agreement FAQ

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