ThisBasic Loan Note is a simple form of legally binding financing arrangement whereby the borrower issues a document (the loan note) to the lender (note holder) evidencing that money has been borrowed. The terms and conditions on which the money has been borrowed are succinct and minimal; however the key repayment and interest provisions are included. It can act as an alternative to a promissory note.
Loan Notes can offer an attractive form of raising finance for SME businesses and clubs or associations, because:
• Several loan notes of small denominations can be issued;
• Money can be raised on a short term basis; and
• It enables clubs, societies or associations with large membership bases, with members willing to invest small amounts each, to raise finance.
This Loan Note is in open format. Either enter the requisite details in the highlighted fields or adjust the wording to suit your purposes. Should you require a loan note with more detailed provisions, then you are advised to download the long form version of the loan note.
Once you have purchased access to the appropriate document folder click on the “Download Document” button below. You will be asked what you want to do with the file. It is recommended that you save the document to a location of your choice prior to viewing.