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THIS LOAN AGREEMENT (this "Agreement") dated this ________ day of ________________, ________
IN CONSIDERATION OF the Lender loaning certain monies (the "Loan") to the Borrower, and the Borrower repaying the Loan to the Lender, both parties agree to keep, perform and fulfil the promises and conditions set out in this Agreement:
IN WITNESS WHEREOF, the parties have duly affixed their signatures on this ________ day of ________________, ________
SIGNED, SEALED AND DELIVEREDbefore me, this ________ day of ________________, ________
_______________________________________
A Loan Agreement, also known as a term loan or loan contract, is a document between a lender and a borrower that details a repayment schedule. The loan contract acts as an enforceable promise between the parties where the borrower must pay back the lender according to a payment plan.
You can create and customise this Loan Agreement for the following regions:
Use a Loan Agreement when an individual or business lends money to another individual or business. This contract is helpful when the lender requires a written payment plan for the borrower to repay the loan back in installments over a predetermined time period.
Customise LawDepot's Loan Agreement template to suit a variety of purposes, including:
The payment plan in your Loan Agreement depends on how the borrower makes payments. There are typically three options:
Term length is the period in which the borrower must pay back their loan to the lender. If the lender issues a notice to repay, the borrower must pay back their loan within a certain time period after receiving the notice.
Interest is usually a percentage of the principal amount. A lender charges interest on the outstanding amount as reimbursement for the risks of lending money and to make up for the cost of inflation.
Borrowers may use collateral to secure the repayment of a loan. It's usually a tangible asset, such as a vehicle or other asset worth the equivalent of the loan itself.
If the borrower defaults on their loan payments, the lender can go to court to foreclose the collateral to remedy their loss. Lenders may request collateral when lending a significant amount of money, or if there's a high chance the borrower may default.
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