My son is paying interest of 27% for approximately $3,500.00 and I offered to pay it off for him if he would sign a promissory note to pay me back with interest of 9%. Is this a good idea or should I let him learn from his mistakes the hard way?
2006-08-15 09:42:49 · 2 answers · asked by Babs 1 in Family & Relationships ➔ Family
Oh my gosh! He's paying 27% interest? That's insane! How did he get into something like that?
Well, it's really up to you if you wanna help out your son or not.
I guess you have to decide if you can afford it?
Anyways, preparing a promissory note is pretty simple. you just have to spell out the terms clearly and concisely. You have to include your names and SS#, the amount of loan, the interest rate, the length of the loan (how long he has to pay back), etc.
And when everything is spelled out, bring it to a notary and get it notarized, then it will be legal and binding.
Hope that helps!
2006-08-15 09:51:38 · answer #1 · answered by Anonymous · 0⤊ 0⤋
obtain at printed for-mate from book stores.
2006-08-15 16:51:54 · answer #2 · answered by prince47 7 · 0⤊ 0⤋