Job Recommendation Letter Sample For A Friend – A personal loan agreement outlines the terms of how the money is borrowed and when it will be repaid. This is a simple agreement that includes the amount of the loan, the interest rate, and when the money must be repaid. If the borrower misses or defaults on the loan, they will be in default of the agreement with the lender and will be subject to late fees and penalties.
A personal loan is an amount borrowed by a person that can be used for any purpose. The borrower will be responsible for repaying the lender plus interest. Interest is the cost of the loan and is calculated annually.
Contents
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The lender can be a bank, financial institution, or an individual – the loan agreement will be legally valid in both cases.
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The main difference is that a personal loan must be repaid on a certain date and a line of credit offers recurring access to funds with no end date.
Unlike a business or car loan, where the terms dictate how the money can be used, personal loan money can be used for any purpose by the borrower.
Because personal loans are more flexible, and not tied to specific purchases or goals, they are often unsecured. This means that the debt is not tied to any real assets, such as a home mortgage, or a car loan for a car. If the personal loan is for collateral, it should be specifically mentioned in the agreement.
Lender: [BORROWER NAME] and email address [ADDRESS] and agrees to lend money to the Borrower on the following terms:
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2. QUOTATION OF PRIESTS. The total amount borrowed from Lender to Borrower is $[AMOUNT] (“Loan”).
☐ – Give interest. The loan will bear interest at the rate of [#]% compounded: (a check)
☐ – DOES NOT bear interest. There is no interest associated with Loans. The Borrower’s sole obligation to the Lender is to pay the principal balance.
4. CONDITIONS. The total amount of the Loan, including principal and interest, will be due and payable on [DATE] (“Currency Date”).
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5. PAYMENT. The Borrower agrees to repay the Loan to the Lender on the following payment schedule: (check one)
☐ – Weekly payment. The Borrower agrees to repay the Lender on [DAYS] each week until the Due Date.
☐ – Monthly payment. The Borrower agrees to repay the Lender on [DAY] of each month until the Maturity Date.
After that it is called “Payment Schedule”. All Borrower payments must be applied first to the accrued interest and second to the principal balance.
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6. BIG PAYMENTS. If the Borrower is more than [#] days late in making any payment, it will be considered late. If payment is late, the Borrower must: (check one)
☐ – Charge a late fee. The Borrower will be charged a late fee equal to: [DEST PAYMENT AMOUNT]
☐ – Safety oath. The Borrower agrees to secure this Agreement by pledging the following security: [DESCRIBED] (“Security”).
If the Borrower does not comply with this Agreement, the Lender must have a guarantee: (check one)
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☐ – No Security Oath. This Agreement shall not be secured by property or assets of the Borrower.
8. ACCELERATION. The Lender has the right to declare that the Loan shall be immediately due and payable, including interest on the debt, in the event of:
A.) Late payment. If any payment is overdue on the Payment Schedule by more than 15 days;
C.) Safety. If assets or property pledged as Security are transferred or sold as part of this Agreement.
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9. SEPARATION. If any provision of this Agreement or its application shall, for any reason and to any extent, be invalid or unenforceable, neither the remainder of this Agreement nor its applicability to any other person, entity, or situation shall be affected, therefore, but rather. will apply to the maximum extent permitted by law.
10. GOVERNING LAW. This Agreement shall be interpreted and governed by state law [GUIDE LAW] (“Governing Law”).
IN WITNESS WHEREOF, Borrower and Lender have executed this Agreement on the day and year above written.
The Guarantor, known as [GUARANTEE’S NAME], agrees to be responsible for and pay the Loan Amount, including principal and interest, if the Borrower defaults. The Guarantor agrees to be personally liable for the terms and obligations of the Borrower under this Agreement.
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