Lending money is a touchy subject that not many people would like to talk about.

It gets even more touchy during a down economy like the one we are currently in. It's not uncommon to be asked to be bankers for a loan to a family member who may need some extra money  to get through unemployment, or maybe to make a down payment on a home, improve home project, pay for car loan or any financial needs. When you borrow money to your family member you should secure yourself in case your family member default on your loan. How to get around with this? Simple fill out Promisory notes with them that will show how much money you have borrow to them, what is the terms how much interest rates you will charge them and when should they pay you back.Promissory notes is a   contract where one party the issuer  makes an unconditional promise in writing to pay a sum of money to the other the payee with is you the lender, either at a fixed or determinable future time or on demand of the payee, under specific terms according to Investopedia. Please find attached Promissory notes below

FOR VALUE RECEIVED, the undersigned jointly and severally promise to pay to the order of , the sum of ($___.00 together with interest thereon at the rate of %(_)per annual on any unpaid balance.

Said sum, inclusive of interest, shall be paid in (monthly/weekly) installments of $___ each, with a first payment due,(date) 20 , and a like amount on the same day of each (month/week) thereafter until the full amount of this note and accrued interest shall be fully paid.

All payments shall be first applied to accrued interest the balance to principal. The undersigned reserves the right to prepay this note in whole or in part without penalty.

This note shall be fully payable upon demand of any holder in the event the undersigned shall default in making any payments due under this note within days of its due date.

In the event of any default, the undersigned agree to pay all reasonable solicitor fees and costs of collection to the extent permitted by law. This note shall take effect as a sealed instrument and be enforced in accordance with the laws of the payee's state.

Dated: ____________________.

___________________________
Undersigned