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A loan document can either be a form that debtors fill out to both pay and request for a loan, or a letter to the creditors indicating essential details connected to the loan. It can range from a long sheet of paper with multiple boxes asking for crucial information, to a personal loan agreement with signatories, to even a simple promissory note or letter about the transaction. Whatever the document, it needs to be accurate both on the payment and loan methods, as well as the amount of money indicated and credited. It can be done quickly using Microsoft Word. This is good to use since it allows you to easily edit your work whenever you need to make minor adjustments. Also, to further help you are a few tips you can apply in making your loan documents:
Before you even begin to think about loan documents, you first need to assess your current revenue and can you afford to give out a loan. If you're a bank who has the money for it, then there is no question that you can give out loans. However, if you're not sure, think about it this way; can your business handle the loss of income in exchange for more receipt later on through interest? If yes, then go for it. If no, then your business isn't ready to give loans yet. However, any company can request a loan also through the use of loan documents.
There are different types of loan documents, and each one has certain specifics. So, what you want to do is think about each one and see if it fits your need. An example of this is if you are a landlord allowing a tenant to rent in exchange for payment, then you might need a monthly payment agreement — which counts as a loan since a tenant is "loaning" a piece of property for a set amount of time. Whereas a credit card payment template is more applicable to track a credit card user's payments, debts, and transactions.
When making a loan document, are you the creditor or a debtor? As the creditor, your purpose is to indicate the responsibilities and limits of the debtor like deadlines for payment, the terms, and conditions of an agreement, even the consequences for non-compliance. Some documents that achieve this purpose are time-based payment agreements, loan statements, and credit card bills. If you are requesting a loan, however, your goal is to indicate the use of the loan and whether you agree to the terms and conditions. Documents usually provided by the debtor are promissory notes, a filled-out loan request form, and tenant explanation letters for inability to pay rent.
Essential details as well as how they are indicated vary from loan document to loan document. Form-based documents that need to be filled out like those in a bank may have indicators for the required information such as name, address, government ID numbers, contact details, etc., credit card bills look more like receipts that indicate the dates the credit card was used, how much the debtor is owed, and so on. You're going to need to do a bit of research on the different types of loan documents to know the details they need to include.
Using the information you have, start making drafts of the material you need. Remember that the first draft is rarely the perfect one, so proofread and regularly edit until you're happy with your work.