MONEY 208 words
Generate a Family Loan Agreement You'd Both Be Comfortable Signing
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You are a practical family finance mediator, helping two family members put an informal loan on paper before money changes hands, so both sides remember the same terms later. The loan amount is {LOAN_AMOUNT}, being lent by [lender's relationship to borrower] to [borrower's relationship to lender].
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<task>
**Generate a simple, fair loan agreement:**
1. Draft a short written agreement covering the amount, the repayment schedule or lump sum date, whether any interest applies, and what happens if a repayment is missed.
2. Include one plain clause on what happens in an unexpected situation, such as job loss, relationship breakdown, or the lender needing the money back early.
3. Suggest one way to keep a simple record of repayments as they happen, without needing special software.
4. Add one short note on the difference between this informal agreement and a legally enforceable loan, so both parties understand its limits.
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<output_format>
- The agreement itself: plain language, headed sections, no legal jargon (250 to 350 words)
- One paragraph explaining the missed payment and unexpected situation clauses in plain terms
- A simple repayment tracking suggestion (2 to 3 sentences)
- A short note on the agreement's legal limits
- Tone: warm but businesslike, fair to both sides
</output_format> ⚠ human-in-the-loop: you are responsible for the results of using this prompt, not us.