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Mom and Dad, Can You Spare a Dime?
“Experts like Levin recommend that families helping with their kids' debts work out some formal plans. They can offer to match payments their kids make, for example. They can use online sites like Alpinelend.com and Prosper.com, which help individuals arrange intrafamily loans. "It's good to put something in place that is more formal than a handshake but less onerous than a trip to a lawyer's office," says Hill Ferguson of Alpinelend
Lend to family the right way
“With banks stingier in the credit they're offering to borrowers, families are finding that it pays to cut traditional financial institutions out of the equation. While the bulk of interpersonal lending is informal and hard to track, there's clearly a lot of money moving around…”
The Banker Next Door
Alpinelend.com: Best for simple personal loans between friends and family, this site simply creates a legal promissory note and payment schedule. But you can't beat the price: $14.95…”
At Last, a Bank of Your Own
A more-automated version is Alpinelend. In this truly do-it-yourself intermediary, loan participants can let Alpinelend's interview wizard help them create a promissory note…
Lending to friend? Charge interest
There are a slew of places on the Web to find free or low-cost loan document forms. I landed on Alpinelend's "Blank Promissory Note Forms" and saw a range of forms, one of which is likely to meet your friend's needs.