Follow us on:

Put it on paper!

By admin
19 December 2013

It is advisable that the money lending agreement between the two parties is in writing and contains the following information:

• Details about the borrower and lender:

o Full names

o Identity numbers

o Addresses

o Telephone numbers

• Details about the loan – including the amount borrowed/lent, by when it needs to be paid back, and whether the repayment should be made once-off or in instalments.

• If the repayment is to be made in instalments, write down when the payments will start, how often (for example, monthly) and how much the borrower must pay back with each instalment;

Both parties should sign the agreement. It is a good idea to get reliable witnesses to sign the agreement as well.

Click here for more information regarding Scorpion Legal Protection and money owed.