The Illinois Law Group

If you are preparing to enter into an agreement pertaining to a loan or the cosigning of a loan, you should always consult a loan lawyer beforehand.

All too often do people hastily enter into a loan agreement, either verbal or contractual, without giving any thought to the future. Whether you are the lender or the receiver, it is very important to consider “what if” situations, and other situations such as:

• What are the parameters of the loan?
• How long does the receiver have to pay back the loan?
• What is the interest on the loan (if any)?
• What if the receiver defaults on a payment?
• If someone defaults on a cosigned loan, who pays the late fees?

Details and parameters of a loan are often neglected and are only considered after the damage has been done. That is why it is imperative to consult a loan lawyer before any agreement is made or any contract has been signed.

A good loan lawyer will help you map out parameters for the loan that will protect you in ‘what if’ situations. Often times these are situations that no one has thought to consider because they simply don’t have the proper experience with loan contracts.

It is the lawyer’s job to make you consider the unexpected and what will happen if the unexpected happens. It is also the lawyer’s job to properly record what should happen in such a way that neither party can find a legal way out of their obligations.

The Illinois Law Group has over 20 years of experience when it comes to creating contracts from scratch, improving upon contracts and specifically outlining each party’s obligations regarding the loan. Specific details will be addressed, including the terms of repayment and what should happen if someone defaults.

Only from experience do we know how to ensure that a loan is repaid, what unexpected situations should be considered and how to ensure there are no loopholes in the contract. No matter what side of the loan you are on, it is vital to consult an experienced lawyer that specializes in contractual loans and has vast experience with creating contracts.

While verbal contracts are better than nothing, it will do little to help you in court later on if the agreement goes sour. The only insurance that will help you down the road is a tangible contract with airtight terms of agreement that is signed by both parties.

Call us today to speak to immediately start talking with an attorney and learn more about the terms of agreement that you should consider before entering a loan agreement.