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I loaned a friend money for her business, nothing was signed, how do I go about getting it back?

Edmonds, WA |
Filed under: Small business loans

I loaned a good friend some money (via check) to get her business started. Told her she didn't have to pay it back for a year (10/08), it is a significant amount, how do I go about protecting myself and getting the money back?

Attorney Answers 1

Posted

Depending on the status of the relationship with your friend you may wish to merely document the loan with a promissory note, if you are willing to agree to payment terms. You may also wish to consider securiing the note with collateral. If your friend is not willing to document the loan, then you may have to file a lawsuit in an attempt to collect the debt. A comprehensive evaluation of your situation is not possible or advisable in this public forum. You should retain counsel to review your case in detail. You may find some helpful information on this website:

http://www.seattle-commercial-collections-attorney.com/

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