Loan between friends - simple template?

tinyfish · 16 July 2014 at 3:28PM

A friend is going to lend me a sum of money. I would like to give him something in writing but all the templates I can find are either US only, or highly technical. Does anyone have a simple straightforward template that is phrased correctly for UK law that I could use?
Many thanks!

nidO · 16 July 2014 at 3:51PM

The kind of template you'll typically find recommended is along the lines of:

Don't do this.
Are you mad?
If so, sign here:

For a fuller explaination, loan agreements between friends tend to just result in ruined friendships. Also, any templated loan agreement you find generally won't be worth the paper it's printed on.
If I were you I would be looking to borrow money from someone who isn't a friend, and if I was them I wouldn't be lending money to a friend.

paddyrg · 16 July 2014 at 3:57PM

Just write a promise on a bit of paper - but it'd be prudent to include a schedule of payments - dates, amounts, etc. Regular repayments which are also realistic will make the world of difference. If you don't keep up the payments to that schedule, your friendship is as good as over - nothing ruins friendships quite as effectively as lending money to friends. In fact it's quite a good way of getting rid of 'friends' you never want to see again ;-)