Legal Question in Credit and Debt Law in Virginia
Family Loan
I am going to give my adult son a loan of $25,000 to be paid off monthly for 5 years at a low interest rate. Will you suggest a legal form or document that would fit this purpose. I am setting this up as a business deal.
Asked on 9/25/06, 6:16 pm
1 Answer from Attorneys
Daniel Press
Chung & Press, P.C.
Re: Family Loan
You should do a promissory note. It's up to you if you want to secure it against assets. A lawyer should be able to advise you prepare one for a modest cost.
Answered on 9/25/06, 8:21 pm
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