Guidelines: lending between friends and family
Borrowing or loaning money? Simply record how much and repayment terms to validate what is often just a verbal agreement.
Step 1: Identify the parties
As a registered user, open the Lexigogo app and push the + button to create a new video contract. Identify both yourself and the other party when starting the video recording, stating your full names and details as well as your roles in the agreement (lessor, lessee, creditor, debtor etc.).
Step 2: Describe the loan
Specify the amount of money to be loaned in which currency (i.e., EUR, USD). State how and when the money will be transferred to the borrower (cash, bank transfer, PayPal, etc.). Ideally, both parties should verbally express their consent in the video.
Step 3: Payment, conditions and terms
Now specify the term and interest rate, if any, for payback. Carefully explain the reimbursement terms (monthly payments, bullet loan, etc.) and by what means (cash, bank transfer, PayPal, etc.) in which timeframe the borrower will reimburse the lender.
Step 4: Mutual consent and “signature”
Once your draft video contract is ready, send it to the other party for approval. After approved, the video contract will be sent back to you for “counter-signature.” It becomes effective for both parties upon signature.
Note: The app will automatically log your geolocation, date and time so no need to state in your video.
*Note: Lexigogo is a medium developed by Lexigogo BVBA to store and exchange video contracts. Lexigogo BVBA does not in any case provide legal or any
other kind of advice, nor does its use create or enter into an attorney-client relationship. Lexigogo BVBA cannot be held liable or responsible for the content
of any video contract, nor any and all consequences (personal, legal, paralegal, etc.), damages, obligations and claims related to or arising therefrom. In case
of doubt about the validity of a specific agreement in a Lexigogo Video Contract in a specific geography or jurisdiction, we recommend that you consult a
lawyer licensed to practice law in your country or state. Please click the link above to access our full Terms & Conditions. Lexigogo BVBA is not a qualified trust service provider.