Elawyers Elawyers
Washington| Change
Asked in CA May 19, 2022 ,  0 answers
hello,im ryan from monterey california, i have a several friends that ask me if i can lend them a money obcourse with an interest involved,for what i read u can lend your own money directly to borrowers without a license (as long as you comply with all applicable lending laws) is this true,is there a limit of people u can lend it to??also im just wondering what type of promissory note i can used to protect me from the borrowers? also advised will be appreciated..thank you and hope to hear from you soon.
Data From  LAWGURU_Question

1 Answers

Anonymous
Reply

Posted on / Jan. 30, 2013 10:59:00

There is no law requiring you to have a license before making loans to friends. A promissory note also does nothing to protect you from your borrowers -- it just provides written evidence as to the amount of the loan, the interest rate, and the other terms. I do not have a form to recommend to you, but you will undoubtedly find any number of templates if you do some research. Some forms are better than others, so you should choose carefully.

Can't find what you're looking for?

Post a free question on our public forum.
Ask a Question

Can't find what you're looking for?

Post a free question on our public forum.
Ask a Question
Search for lawyers by practice areas.
Find a Lawyer