Everyone has had a situation where they have no choice but to lend money to a close friend who needs to pay for their child’s tuition or urgent hospital bills.

 

 

But after lending me money, he doesn’t even pick up my phone, saying he’ll pay next month or to wait a bit. ㅜㅜ It becomes a dirty situation as if I borrowed the money. So when I lend money,

I have to write a loan agreement no matter what. Hey, you might think, “What kind of loan agreement is this between us?” But aren’t you thinking of lending me money? If we’re not close, would you lend me money?

 

 

Write a loan agreement including personal information, amount, loan period, interest, and stamp, and visit a notary office. A notarized deed is a legal device for when you don’t pay back the money.

If you don’t pay back the money, you have to spend hundreds of dollars in attorney fees, and go to court for over a year and get a result before forced execution is possible.

 

 

If you get it notarized, you can enforce it right away without these complicated procedures. And make sure to deposit it into the debtor’s account. Originally,

the closer you are to someone, the more comfortable it is for both parties to go through the formal procedures. If someone really needs money and intends to pay it back,

they will gratefully borrow it even if it is a little complicated, and if they do not intend to pay it back, they will just leave on their own.