Borrowing money is not just signing a form. The terms and conditions of the loans be reasonable to are designed to protect and profit the lender. While many people believe they have no choice but to accept the lender’s terms in reality often the borrowers position and costs can be negotiated. In particular negotiating personal guarantees and the level of security is usually something the lender will overstate.
When loans are being made between friends or family it is prudent to document these transactions to ensure all parties understand the terms and expectations. Doing this upfront prevents later expensive litigation when party’s recollection of the transaction differ.
The Qld Law Group has long experience acting for both lenders and borrowers. Benefit from this expertise.