Borrowing a sample letter may seem a bit unfriendly, but is still the best choice if you want to borrow money to friends or have a loan from your parents. The contract clarifies how the loan will be repaid, at what interest rate and (not unimportantly) what the steps will be if the borrower is unable to pay his loan. The sample letter can be downloaded from various sites on the Internet. After completing the form, you sign the contract. It is best to make two copies so that both have an original letter after signing.
Do not repay immediately?
In the sample letter, it can be agreed not to repay immediately, but to do so only after a year. For example, if you want to start your own business, it can be nice if you do not have the costs of the loan in the first year. The interest of the first year is included and added to the interest of the other years. The tax authorities want both parties to charge interest in line with the market. The service would not agree if they did not pay interest (or an interest rate that was too low) on the loan.
Loan payable immediately
The contract may contain an article that the loan is immediately terminated by cancellation of the lender. Such a stipulation will not be so easy to collect in practice. The borrower will usually not have that much money on hand. In a fight, things can escalate. The lender should only make use of this in extreme cases.
Registration with the tax authorities
Since 2014, the tax authorities no longer register private loans on request. Only deeds for which registration is required by law are still registered such as deeds with a right of pledge. A sample letter borrowing money is not registered.