last time i loaned a friend money.
i got fucked.
if i want to load someone money in the future.
What is the Proper Legally Binding way to issue a Loan??
something like ahving a paper drawn up
and a notary there at the time of signing
and that sort of stuff
id like some advice in drawing up a paper.
with terms of repayment interest and minimum monthly payment
are any of you guys good with the legal type stuff?
for instance
I loan out $10,000
I Expect monthly payments of $1300 back. for 10 consecutive months
for a total return of $13,000
i put up the money but "make" $3000 ish a year
payments should be in the form of 10x reoccurring Non-Cancel-able Automatic Monthly Bank Transfers.
just under a one year term. a 30%ish per year-ish profit for my pocket.
Alternatively. I was thinking of offering a longer term loan.
such as something like this
I loan out $10,000
I Expect monthly payments of $600 back. for 36 consecutive months
for a total return of $21,600
a profit total of 11,600
i put up the money. but "make" $3,600 a year in returns
a 36%ish per year-ish profit for my pocket.
payments should be in the form of 36x reoccurring Non-Cancel-able Automatic Monthly Bank Transfers.
3 years term.