Frequently Asked Questions
Why should I use your service?
Does LoanBack support secured and unsecured loans?
Is your Promissory Note a legal document?
How does LoanBack use my information?
How do I ask a specific question?
How do I provide any feedback or suggestions to you?
Where can I go to learn more about other people's personal lending experiences?
LoanBack is committed to helping you be more successful when
you borrow or lend money from someone you know. By successful, we mean that the loan gets paid back in full,
on time, and most importantly, that your relationship with the other party remains intact. Currently, LoanBack
provides a couple of different products.
In the future,
we plan to introduce even more new features to make personal lending easier, safer and
more successful.
LoanBack provides an online 'wizard' that will help you create a custom Promissory Note, or loan agreement. We provide an integrated loan calculator to help you determine the right terms of your loan. For example, let's say you want to borrow $15,000 from your rich uncle and you can only afford a loan payment of $100. Using our 'wizard' you can figure out how long it will take you to pay off the loan at any given interest rate. You can create amortized payment schedules or lump sum payment schedules. You can also choose to defer the repayment period if the borrower needs some time between getting the loan and beginning repayment. After customizing the right loan for you, LoanBack will create a custom Promissory Note which defines all your loan terms in a professionally formatted legal document. We even include a payment schedule that you can print out and help keep track of your payments.
To help ensure that your loan stays on track you can take advantage of our payment reminder service that will send reminders when payments are due to any of the parties that request such notification.
Just click the Create Loan link on our home page. You'll be asked a series of questions that will guide you through the 4 –step loan creation process. Once you create a loan agreement that works for you and the other party, you can print out the document and sign it. Use the handy payment schedule in the appendix of your Promissory Note to help you keep track of the loan repayment. You can edit your loan agreement any time provided you register with LoanBack.
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.
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.
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.
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.
Contact us with any specific question you have about our company or service. We'll answer as fast as we can.
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..
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.