I lend money to folks. 30-90 days loans.
anywhere from 12 to 29% APR interest.
I charge points - 3-5%.
There is a $35 Late fee.
If they Default interest rate becomes 29%
Here is a Sample Note below
PROMISSORY NOTE
INSTALLMENT - WITH ACCELERATION CLAUSE
____________________,20____
FOR VALUE RECEIVED, WE, THE UNDERSIGNED, jointly and
severally promise to pay, in lawful money of the United
States of America, to the order of:
[lender] _________Mr Loan Man, LLC_____________
[address] ___123 Loan Ct, Suite #3,_________________
____________ STONE MOUNTAIN, GA 30083___________________,
$1000.00 ( One thousand dollars principal ) +__________________
+ interest _19%_APR____ +____ _________________________________ __
points 5 ($50.00) ) in installments as follows:
[X] Paid in full by [date] 09/04/2005 – Sept 4, 2005 .
[ ] Paid periodically: [term]_______________________________
[beginning date]____________. (Ex: monthly over a period 12 months beginning date)
Default:
A finance charge of 29.00(%) percent Annual Percentage Rate of the sum of the balance due but not less than $ 5.00 , plus A late fee of $ 35.00 will be added if full payment is not received on due or by date.
All interest are calculated using the compound interest formula.
Borrower shall receive the loan in the following form:
[ ] Credit card charge for the above amount will be made to the credit card of the lender, by the merchant:
___________________________________________________________
Merchant’s Name
___________________________________________________________
Merchant’s Address
___________________________________________________________
Merchant’s ID
[ ] Cash
[ ] Check ________________________________________________
[ ] other ________________________________________________
____________________________________________________
In the event of default in the payment of any of the said installments or said interest when due as herein provided, time being of the essence hereof, the holder of this note may, without notice or demand, declare the entire principal sum then unpaid immediately due and payable.
The holder of this note may, with or without notice to any of us, cause additional parties to be added hereto, or release any party hereto, or revise, extend, or renew the note, or extend the time for making any installment provided for herein, or accept any installment in advance,
all without affecting the liability of us, or any of us, hereon.
If suit be commenced on said note, the parties hereto jointly and severally agree to pay to the holder of said note a reasonable attorney fee.
The borrower agrees to pay a reasonable collection charge should collection be referred to a collection agency or to the payee`s collection facilities.
The parties hereto, jointly and severally, hereby waive presentment, demand, protest, notice of dishonor and/or protest and notice of nonpayment; the right, if any, to the benefit of, or to direct the application of, any security hypothecated to the holder until all indebtedness of the borrower to the holder shall have been paid; the right to require the holder to proceed against the borrower, or to pursue any other remedy in the holder's power; and agree that the holder may proceed against us directly and
independently of the borrower, and that the cessation of liability of the borrower for any reason, other than full payment, or any revision, renewal, extension, forbearance, change of rate of interest, or acceptance, release or substitution of security, or any impairment or suspension of the holder's remedies or rights against the borrower, shall not in anywise affect the liability of any of the parties hereto.
The parties hereto hereby authorize lender to date this note as of the day when the loan evidenced hereby is made and to complete this note in any other particular according to the terms of the said loan.
It is agreed that if the parties hereto, or any of them at any time fail in business or become insolvent, or commit an act of bankruptcy, or if any deposit account or other property of the parties hereto, or any of them, be attempted to be obtained or held by writ of execution, garnishment, attachment, or other legal process, or if any assessment for taxes against the parties hereto, or any of them, other than taxes on real property, is made by the federal or state government, or any department thereof, or
if the parties hereto fail to notify you of any material change in their financial condition, then, and in such case all of the obligations of the parties hereto to you, or held by you, shall at your option immediately become due and payable without demand or notice.
Address & Phone
Print________________________ __________________________
Sign_________________________ ___________________________
Borrower
__________________________
Print________________________ __________________________
Sign_________________________ ___________________________
Witness
___________________________
[ ] Documentation required with the submission of this signed contract from the borrower.
