So what is LoanBack anyway?

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.

LoanBuilder™ - A quick online interview that will generate a customized Loan Agreement complete with a repayment schedule. After the loan has been created you may also invite others to join the loan for the purpose of editing the loan information, purchasing the document, and setting up email payment reminders for themselves.

Blank forms - For users that need even more flexibility and do not require the features offered by LoanBuilder™ we also offer blank Microsoft Word form documents that are easier to use than any other blank form document. Simply point, click, and fill in the information, and print when you're finished. You'll have a professional looking document.

In the future, we plan to introduce even more new features to make personal lending easier, safer and more successful.

What does LoanBack do?

LoanBack provides an online 'wizard' that will help you create a custom Loan Agreement, 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 Loan Agreement 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.

How do I use your service?

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 Loan Agreement to help you keep track of the loan repayment. You can edit your loan agreement any time provided you register with LoanBack.

Why should I use your service?

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 Loan Agreement that clearly defines your agreement. Doing so will help ensure that your personal loan is successful.

Does LoanBack support secured and unsecured loans?

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.

Is your Loan Agreement a legal document?

Yes. The LoanBack Loan Agreement 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 Loan Agreement 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 Loan Agreement increases the likelihood that the loan will be a success and never require legal enforcement.

Can I record overpayments, underpayments and principal-only payments with LoanBuilder™?

Yes. While tracking your loan with LoanBuilder™, you can record payment amounts other than the amount due in your original payment schedule. Your payment schedule will automatically readjust after you record an overpayment, underpayment or principal-only payment. You can also revert payments in case you make a mistake.

How does LoanBack use the information I enter?

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.

How do I ask a specific question?

How do I provide any feedback or suggestions to you?

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.