Transfer of money for temporary use (on loan) in most cases is carried out between acquaintances and close people who do not burden themselves with the legal execution of the transaction. However, such an approach is a strong risk for the lender, which, firstly, does not have guarantees that it will be able to receive money at the agreed time, and secondly, it loses legal protection in case of non-payment.
We tell you how to act and how to properly lend money so that you accurately return the transferred funds back, and the borrower compensated not only for their use, but also honestly answered for possible deviations from the terms of the transaction.
1. Designate your position
About cases when a relative or friend borrowed money on parole, and then delayed with a refund or even disappeared, everyone probably heard. Of course, this does not always mean the initial evil intention, because a person can really encounter very difficult circumstances. But you don’t want to part with your money. Therefore, always ask for a receipt from the borrower or draw up a contract. This disciplines him, but gives you guarantees. Do not be afraid of misunderstanding or quarrel. Firstly, you act sincerely and simply protect your interests. Secondly, you lose nothing in case of failure. This is the primary point in the question of how to properly lend money..
2. Support the fact of the transfer of money
The simplest document confirming the fact of transferring money from one person to another is a receipt. However, it is not a loan agreement and does not completely replace it. In some cases, even if it is available, money may not be received.
Experts and lawyers say that a receipt is the best document to back up small loans, and when borrowing large amounts it is better to spend time and effort on a loan agreement. In it, you can define in more detail interest, the procedure and schedule of payments, late fees, bail, surety and other points.
3. Properly draw up a receipt
How to lend money a small amount? For a loan between two individuals in small volumes (from 10 to 100 thousand rubles), as a rule, a written transaction (receipt) is sufficient. If it is not there, attempts to recover money in court are often unsuccessful, even if there are witnesses confirming the transfer (chances remain, but the process is very complicated). If there is a receipt – these readings become significant.
A written agreement with witnesses – high chances of a refund through the court
It is recommended that you include the following data in the receipt:
• surname, name, patronymic and passport data of the parties;
• the exact amount of the loan, both in numbers and in words;
• fact of cash transfer;
• interest and return conditions;
• the date by which the debt must be paid;
• sanctions in case of delay in return;
• the date on which the document was drawn up;
• signature of the parties.
The receipt must be written by the borrower by hand. This makes it impossible to say that he did not participate in the drafting of the document, and the signature was falsified. With manual completion, the lender will be able to confirm the legality of the transaction using handwriting examination.
Sample receipt
Important! According to the law (Article 317, Clauses 1 and 2 of the Civil Code of the Russian Federation) all monetary obligations in the Russian Federation are expressed in rubles. Foreign currencies can only be specified to express the equivalent.
The deal can be made even more reliable by conducting in the presence of witnesses who can confirm the transfer of funds. But remember that witnesses do not accept responsibility for the debtor.
4. Determine the interest
In accordance with article 809 of the Civil Code of the Russian Federation, private individuals, like banks, can transfer money on loan at interest. It is necessary to establish an understandable procedure for paying money – one in which, in violation of the terms of the transaction, the borrower, bailiffs and the court will be able to understand. By law, you can determine any interest, but if they are too high, the court can cut them to the level that is usually used for such loans (and the contract can be declared invalid due to enslaving conditions). You must keep this in mind in order to know how to lend money properly, if you are going to give them at interest..
Starting from 01.06.2018, the Civil Code of the Russian Federation has amendments to the calculation of payments under contracts and receipts with unspecified interest:
• loans in the amount of up to 100,000 rubles are considered interest-free, unless otherwise specified by the terms of the transaction;
• loans worth more than 100,000 rubles are calculated at the key rate of the Central Bank (set during the period when the borrower used the loan).
Please note that the law provides for a reduction in interest in case of early repayment of debt.
Example. You lent a friend 150,000 rubles for 1 year at 10%. He will refund you the full amount after 6 months. In this situation, by law, the borrower can pay only 5% in excess of the loan amount, that is, not 15,000 rubles, but only 7,500 rubles.
5. Provide for overdue conditions
Under the terms of the transaction, it is possible to determine not only interest, but also fines that are imposed on the borrower in case of delay in payment. You can set a fixed or conditional fine size:
• You lend 60,000 rubles at 9% with a fine of 5,000 rubles in excess of interest in case of non-repayment within 3 months.
• You lend 70,000 rubles at 7% with a double interest rate if the borrower does not return the funds within 6 months.
You can also define a penalty that increases in accordance with the period of delay. For example, if the borrower did not repay the debt before December 31, 2018, from January 1, 2019, the use of a loan will cost 1% per day.
If you are afraid of conflict or refusal to deal, talk about it rationally. The borrower will have an extra incentive for timely repayment. And in case of failure to fulfill obligations on time, you will receive compensation for the nerves and forces spent in court. A bona fide borrower should not be embarrassed by such conditions if he really plans to return everything on time.
If the fine is not defined in the conditions of the receipt, and the debtor does not pay on time, without this condition it is possible to increase the amount of debt by interest for delay. According to article 395 of the Civil Code of the Russian Federation, the borrower accrues interest for default on the agreed terms, equal to the key rate. They are charged on the amount transferred to use.
6. If the matter comes to trial
The law establishes that you can write a statement to the court about the delay on the next day after the return period has expired. This rule is valid for transactions in the receipt and contract for which a specific period of return was indicated. If the parties did not determine it, Article 810 of the Civil Code of the Russian Federation says that money must be returned within 30 days after the first request. Confirmation of sending the claim in court is a registered letter in the name of the debtor.
The claim in the event of default must be made in triplicate: one for you, the second for the court, the third for the borrower. Each copy of the application must be supplemented with a copy of the receipt. Keep the original for yourself – it will come in handy for a lawsuit. For timely processing of the application and the beginning of office work, do not forget to pay the state fee and attach a receipt.
7. Types of loans and a large amount of money
How to lend money a large amount? A more reliable document than a receipt is a loan agreement. It is made with a large amount of borrowing. The exact size is not specified in the legislation, but lawyers advise relying on a threshold of 100-150 thousand rubles. The contract, as well as the receipt, indicates interest, terms and conditions of the return, terms, fines and penalties.
For the correct preparation of the contract, you can download the template on the Internet or contact a lawyer. The second option is more reliable, since a professional will help to draw up an extremely safe transaction taking into account the current legislative nuances..
Important! When drafting both contracts and receipts, be sure to check the information specified by the borrower in the contract for compliance with the original sources.
The lender may indicate in the contract his preferences in choosing a court in case of default or dispute. Since the contract is not drawn up in writing, it makes sense to require the borrower not only to sign, but also to write the name, surname and middle name in full. This information can be used to conduct a handwriting examination. Witness Attendance – Welcome.
Please note that upon receipt of a debt or part thereof, the borrower has the right to require a receipt from the lender to receive.
If necessary, you can also conclude an agreement on the following types of loans, which will also allow you to understand in more detail the question of how to properly lend money:
• Target. It is issued for spending money for specific purposes specified in the contract. Under article 814 of the Civil Code, the lender has the right to control the use of the loan. In case of misuse, it may require the early payment of debt and interest (requires an indication of the term in the contract). It is important that the goals are not vague, like “promoting a business” or “improving health”. This wording will create great difficulties for early return.
• Secured by property. When establishing a pledge on movable property, all its data must be indicated (brand, model, size, color, serial number), including the cost as estimated by the parties. The property remains with the borrower, but he cannot dispose of it until the debt is repaid. When establishing a mortgage on real estate, a written conclusion of a mortgage agreement (with state registration) is required.
• Secured. Guarantors take responsibility for the performance of the obligations of the borrower. As a rule, the liability of the debtor and guarantor is joint, that is, they repay the debt jointly, but partial liability can also be indicated in the terms of the contract. According to article 365.1 of the Civil Code of the Russian Federation, the guarantor has the right to demand from the borrower the amount that he spent on the performance of his debt obligations.
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What steps can be taken to ensure a successful lending experience where both parties feel comfortable? How can I create a clear agreement and establish trust to guarantee the repayment of loans? Is there any legal or financial advice to consider when lending money to someone?