Hello and thank you for allowing me the opportunity to assist you.
You’re correct … what you’re proposing would never hold up in court. You didn’t mention your State, so I can’t look up the legal interest rate, but it’s probably around 10-20% annually (there are exceptions for credit card companies, etc.). You’re proposing 50% in just three months, so that comes out to 200% annually. You’re way, way, way over the usury limit in any jurisdiction.
So, let’s say you sign a note that [falsely] states that he let you borrow $15,000. You won’t have the interest issue. However, if you refused to repay him and he sued, you could argue that you never actually got the $15,000. He’d then need to prove that you received the money. If he can only prove that you got $10,000, then that would be an issue for him.
Perhaps, along with the note, you could provide your friend with an affidavit admitting you received $15,000 of value in exchange for signing the note. Then, if there was a lawsuit, your friend could produce the affidavit to counter any claim by you that you did not receive the money.
But no matter what you sign, the botXXXXX XXXXXne is that you can always get out of it by filing for bankruptcy. To that extent, there is no way for you to 100% ensure your friend that you’ll remain legally liable for the entire $15,000.
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