I’m letting a friend borrow $5,200 and I need legal advice…?

Question by popalock85: I’m letting a friend borrow ,200 and I need legal advice…?
I trust this person but I am going out on a limb because I don’t know what other financial burdens they are under. I was assured that I would be paid back $ 1,000 a month for 6 months so I will get an $ 800 return on my investment.

I want to have something in writing and I was wondering if anyone would happen to have a template or something that I could use as a contract that would hold up in court if my friend failed to meet her obligation.

I am good friends with her and I told her I would do what I could to help out but I am going to be doing what I need to do to cover my behind on this end.

I know money can ruin friendships and I don’t want this to happen with ours. If for some reason she can’t pay me back I just want to have documentation in the even that I have to take legal action.

Again, it’s nothing personal. It’s just good business.

Can anyone provide me with some references to build my own conract? Or better yet a template to work off would be perfect!
I left the details out of why she needed the money because I feel it is a legitimate reason. The money is money that she owes her mother. She was paying her monther back in installments of $ 1,000 a month but needs the remainder of $ 5,200 in order to save her home. She would basically just pay me the $ 1,000 a month she was paying her mother so it’s not like $ 1,000 a month would be out of the norm. She would just shift the payments that she was making to her mother to me….
I can’t make a trip to office depot or sign the contract in front of an attorney with my friend because I am out of the country on business for the year.

Best answer:

Answer by Heather
always sign the contract together in front of an attorney and make sure that it gets notarized

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