Today we are going to discuss one of our Loan Agreements, in particular our Person-to-Person Loan Agreement.
Now our Person-to-Person Loan agreement is exactly that, it’s a loan agreement between individuals where one individual providing a loan to another individual.
Loan Agreements for All Circumstances
Debt Prevention Strategies
These Loan Agreements are generally a simple loan agreement between family members in Australia or for that matter anywhere in the world. It doesn’t really require a security interest being registered on the PPSR or Personal Property Securities Register because quite often it is for a smaller amount and is quite often a simple loan agreement between friends or a loan agreement between family members. If the required loan is for a larger amount, then it is generally going to be more of an investment loan or financing agreement which would be better suited to one of our other Loan Agreements.
This particular Loan Agreement is just a Person to Person Loan Agreement or a simple loan agreement between family members or friends where you want to have something in place just to formalise the loan agreement and possibly build in some consequences in case there is a default in the Loan Agreement.
When it comes to setting up our simple Loan Agreement on your behalf the process is straightforward. But as you can appreciate there are several variables, the first of which would be the entities involved. Weather the parties involved are Individuals, businesses, companies or trusts, we need to ensure we have the right parties.
The second would be the Interest Rate, whether you are going to charge an interested rate, what that Interest rate might be, or even if you are going to charge interest at all. You might elect just to charge a flat fee. It’s totally up to you.
Another variable would be the costs, including the costs into the loan agreement. So rather than having the borrower pay the costs upfront, you can decide to incorporate the costs into the loan and have the payments spread out over the life of the loan. You can also decide if you want to incorporate a balloon payment into the end of the loan thereby reducing the monthly loan repayments. It is totally up to you.
You can also sign the Loan Agreement using Electronic Signatures making the loan very easy to implement using smartphones or tablets.
Now once you have your loan established the reason you would purchase a Loan Agreement through Collection Consultancy Australia rather than anywhere else, excluding the fact that you have the ability to have your loan repayments direct debited from the borrowers account, and the fact that you can, if required, register a Security Interest through the PPSR OR Personal Property Securities Register over the loan, resulting in exactly the same protection as the banks, we also supply you with a Loan Management Dashboard.
Now this is your very own Personal Loan Dashboard which provides access to your loan agreement, which you can log into at any time, available 24/7. This is where you can view your loan repayments, you can see which payments have been made and which are still outstanding. You even receive automatic notifications of any defaults in loan payments by the borrower. Your Personal Loan Dashboard is the centre piece of your loan management functionality with various other options available.
Your Personal Loan Dashboard is where you can adjust you Loan, you can adjust the loan amount, you can adjust the loan period, you can even top up the loan. You simply renegotiate the loan with the borrower. You might decide to extend the period which you can do through your Personal Loan Dashboard, a new loan would just automatically start. You can even defer payments and add additional payment onto the end of the loan, you can even forgive or cancel the loan. It is totally up to yourself.
So having your own Personal Loan Dashboard provides complete flexibility not available anywhere else.
Now the only other aspect we need to look at is your investment for your Person to Person Loan Agreement, which is only two payments of $250/Mth. It’s a very small investment which remember, can be paid by the borrower which can be spread out over the life of the loan.