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My friend wants to borrow 5000 dollars to start her business. How to document that?

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  • My friend wants to borrow 5000 dollars to start her business. How to document that?

    My friend wants to borrow 5000 dollars to start her business.

    She says she will pay back 6000 in one year.
    How do I document that to make it binding, obviously its not worth hiring a lawyer so how do I do that?

  • #2
    You can find sample promissory notes online. You can write the agreement on a napkin and it will be binding. But that means nothing if she doesn't pay you back.

    Why can't she get a bank loan backed by the SBA? Has she tried? Has she been turned down? Do you think you are smarter than the people at the bank who won't lend her any money?

    The first rule about lending money to friends is DON'T.

    The second rule about lending money to friends is make sure it's money you can afford to lose because the chances of ever getting paid back are slim.



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