Lending and debt
Loans, promissory notes and debt settlement
Money lent between people who know each other is the most common unwritten contract there is. GO LAW turns the arrangement into a document with dates and consequences in it, and reads back the one a lender has sent you.
Three ways to get this done
GO Draft
Loan agreements, promissory notes, personal guarantees and settlement letters.
Draft a documentGO Review
Upload a loan document or a settlement offer and have the terms explained.
Review a documentTalk to an attorney
Ask a licensed attorney about a guarantee, a default notice or a collection letter.
Talk to an attorney
Questions people arrive with
What is the difference between a loan agreement and a promissory note?
A promissory note is a one-sided promise to repay. A loan agreement is a two-sided contract that can also carry conditions, covenants and security. For a simple personal loan the note is usually enough.
What does signing a personal guarantee do?
It puts your own assets behind somebody else’s debt, and it survives the company that borrowed. It is the single most consequential signature in most small-business lending.
Should a settlement be put in writing?
Always, and it should say the debt is settled rather than merely paid down, name every account it covers, and say what will be reported. A partial payment with no wording is still a partial payment.