LoanBack Formalizes Personal Loans

LoanBack creates promissory notes to formalize private loans between borrowers and sellers for unsecured and secured loans. Their LoanBuilder ($14.95) or Loan Forms ($9.95) product can be purchased online from their site.

From the LoanBack website:

Why should I use your service?

The first step to ensuring a successful personal loan between two individuals is to clearly define a loan agreement. Will the borrower pay interest? If so, how much? When does the lender expect to be paid in full? Will the borrow defer repayment for a certain amount of time? Will the loan be amortized and have regular level payments or be paid back in one lump sum? Will the loan be secured with collateral? All of these questions need to be negotiated between the borrower and the lender and more importantly, they need to be clearly documented. Using LoanBack, you can easily customize your own loan and generate a professional Promissory Note that clearly defines your agreement. Doing so will help ensure that your personal loan is successful.

Does LoanBack support secured and unsecured loans?

Yes. LoanBack supports both types of loans. If you want to secure your loan with collateral, LoanBack allows you to input information about the collateral so that it gets included in your Note. If you are creating a secured loan, you may want to consider filing a UCC form to record the security with your state.

Is your Promissory Note a legal document?

Yes. The LoanBack Promissory Note is a legally binding contract between the borrower and lender and is enforceable in a court of law. We've spent thousands of dollars on legal fees so you don't have to; all of our Promissory Note forms were created by professional attorneys. Of course, we hope you never have to enforce this contract. In fact, we believe that using LoanBack to create a Promissory Note increases the likelihood that the loan will be a success and never require legal enforcement.

How does LoanBack use the information I enter?

LoanBack uses the information you enter to create your custom loan document. We do not sell or give away any of your personal or loan information to any third parties. Read our privacy policy for more information.

How do I ask a specific question?

Contact us with any specific question you have about our company or service. We'll answer as fast as we can.

How do I provide any feedback or suggestions to you?

Contact us with any feedback or suggestions you have about our company or service. We really appreciate feedback and will do our best to incorporate as many suggestions for product enhancements as we can.

Where can I go to learn more about other people's personal lending experiences?

We've created a LoanBack Blog to provide an easy-to-use forum for those of you who want to share your personal lending experiences, read about other peoples experiences or ask questions.