Usury rate – 7% if a written contract is not concluded, 16% on loans under $3,000, 5% per month for loans over $3,000. Unsecured Bond Credit – This document is very similar to the secured version, but it differs from the amount of financial protection that the lender has in the agreement. If the borrower becomes insolvent, the lender has no immediate opportunity to receive its money. Georgian sola change models are a couple of structured documents to add legality and cohesiveness to a loan transaction between two parties. The documents are entirely prepared jointly by the lender and the borrower in the transaction. In the document, the parties must agree on sections on payment methods, due dates, late fees and other areas of the agreement. My wife and I have made several loans with the Georgia Union. They have become our main activity for the credit institution. You are an absolute pleasure to work with, very professional, but friendly and friendly. I was never disappointed once and I always left after having a wonderful experience. Sign – Only needed by the borrower. It is always recommended to sign in the presence of witnesses or a notary. Georgian law stipulates that the legal interest rate, if not indicated, is 7% per year of simple interest.
For amounts between $3,000 and $250,000, parties can accept a rate, provided the rate does not exceed 5% per month. For amounts less than $3,000, the interest rate must not exceed 16% per year. GA ST T. 7, Ch. 4, Sec. 7-4-2 and 7-4-18. The secured debt note – gives a guarantee to the lender in case of a balance default. The borrower is required to set aside a property such as a house, vehicle or other worthy physical object. If the borrower is late in payment, the guarantees are given to the lender. Step 1 – Download the Georgia Promissory Note Form – Once approved, your money will be released immediately.
You can also apply by phone or in a store. Step 5 – Signatures – Pass the following information to a selected witness.