Template For Personal Letter Of Recommendation – A personal loan agreement describes the terms of how the money is borrowed and when it will be repaid. It’s a simple agreement that includes the amount owed, the interest rate, and when the money must be repaid. If the borrower misses a payment or defaults on the loan early, they are in default of their agreement with the lender and are subject to late fees and penalties.
A personal loan is an amount of money borrowed by an individual that can be used for any purpose. The borrower is responsible for paying the interest to the lender. Interest is the cost of the loan and is calculated annually.
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Template For Personal Letter Of Recommendation
The lender can be a bank, a financial institution or an individual – the loan agreement is legally binding in both cases.
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The main difference is that a personal loan must be repaid by a certain date, while a line of credit offers revolving access to money with no expiration date.
Unlike business or car loans, where the terms dictate how the funds can be spent, the borrower can use the money for any purpose in personal loans.
Because personal loans are more flexible and not tied to a specific purchase or purpose, they are often unsecured. This means that the debt, such as a home mortgage or car loan for a vehicle, is not attached to any real estate. If the personal loan is secured by collateral, this should be specifically stated in the contract.
Lender: [LENDER NAME] with mailing address [ADDRESS] agrees to lend money to Borrower subject to the following conditions:
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2. Credit amount. The total amount of money to be loaned from the Lender to the Borrower is $[AMOUNT] (“Loaned Money”).
☐ – Show interest. Borrowed money pays interest at the rate of [#]% plus: (check one)
☐ – DO NOT FILTER. There is no interest associated with borrowed money. The Borrower’s sole obligation to the Lender is to repay the principal.
4. TERM. The total amount of money borrowed, including principal and interest, is due on [DATE] (the “Maturity Date”).
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5. PAYMENTS. The Borrower agrees to repay the borrowed money to the Lender according to the following payment schedule: (check one)
☐ – Weekly payments. The Borrower agrees to repay the Lender on [DATE] of each week prior to the Maturity Date.
☐ – Monthly payments. The Borrower agrees to repay the Lender on [DATE] every month until the Maturity Date.
Hereinafter “Payment Schedule”. All payments made by the borrower are applied first to all accrued interest and then to the principal.
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6. LATE PAYMENT. If the borrower delays payment by more than [#] days, it is considered late. If payment is late, the Borrower: (check one)
☐ – a late fee will be charged. The borrower will be charged a late fee in the following amount: [LATE AMOUNT]
☐ – Collateral guarantee. The Borrower agrees to secure this Agreement by pledging the following security: [DESCRIPTION] (the “Collateral”).
In the event that the Borrower does not fulfill its obligations under this agreement, the Lender may take possession of the collateral: (choose one)
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☐ – No security deposit. This Agreement is not secured by any property or assets of the Borrower.
8. IMPROVEMENT. The lender has the right to declare the loaned money, including accrued interest, immediately due and payable if any of the following occurs:
A.) Late payment. If any payment due under the payment plan is more than 15 days late;
C.) Security. If the mortgaged property or assets are transferred or sold as part of this Agreement.
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9. DIVIDER. If any provision of this Agreement or its application is for any reason and to any extent invalid or unenforceable, this will not affect the remainder of this Agreement or the applicability of the provision to other persons, entities or circumstances, but instead will be enforced to the fullest extent permitted by law.
10. APPLICABLE LAW. This Agreement shall be construed and governed by the laws located in the state of [VALUE LAW] (“Applicable Law”).
IN WITNESS WHEREOF, the Borrower and the Lender have signed this Agreement on the day and year first above written.
The guarantor, known as [BOAT 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 responsible for the requirements and obligations of the Debtor under this Agreement.
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By using the website, you agree to our use of cookies to analyze website traffic and improve your experience on our website. Use the personal reference letter template to create your document. Help a loved one secure a job vacancy with a well-written recommendation letter.
A personal reference letter is written approval from a friend or family member of an applicant for a position or rental property.
Personal reference letters are usually written by someone who has known the person being recommended for at least five years and demonstrates the person’s qualifications and suitability for the position being applied for.
If you need to write a personal recommendation letter, it’s because you have a close relationship with the person who needs the reference.
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If you have a long-term relationship with the applicant, you can provide a lot of support to help them through the application process.
Below you will find an example of a personal letter of recommendation for a friend and family member.
If a friend asks you to write a personal reference letter, it’s important to know what to include and how to structure it.
See the example below to understand how to write a personal reference letter to a friend.
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I am writing to recommend [friend’s name] for [job]. I have known [friend’s name] since [year] and have always been impressed by [her] professionalism, integrity and positive attitude.
[He] has been a dedicated member of the community and has proven to be a valuable asset to every team he works with.
[During his time there, he was able to recruit new members and increase event attendance by nearly 50%.
[Friend’s Name] would be a great addition to your team! Please contact me if you have any questions or concerns regarding this letter of recommendation.
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As a family member, you may be asked to promote a relative to fill the vacancy. Take a look at the following example to better understand how to create a document.
I am writing to recommend [name of family member]. I have known [name of family member] since [she] was a child and have watched her grow and become a leader and asset to our community.
[Name of Family Member] has always been motivated by the desire to help others. [She] has volunteered with several community groups over the years. He worked as a tutor at a school to help other students learn English.
He is a natural leader who wants his friends to succeed, so he often takes on leadership roles in the clubs and teams he participates in.
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Additionally, [name of family member] has been working for [name of company] for the past 2 years. Company management was impressed by his work ethic and dedication.
[His] supervisor says that “[name of family member] works hard every day and never misses a deadline.”
I hope you will consider this reference letter when deciding whether [name of family member] should be on your team. If you have any questions or concerns about it as an employee or tenant, please contact me; I am happy to provide further clarification.
Personal reference letters are often used when a detailed description of someone’s personality is needed or can be helpful.
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It is often required when someone applies to fill a vacancy, for example for employment. It can also be for someone who is trying to get into an organization or get into college.
A letter may be sent with the application whether required or not. If it is well written, it can help the candidate to ensure that they apply.
In order to write an effective personal recommendation letter, it is important to know how to properly format the document.
The length of the letter may vary depending on the type of application it is running on. However, it should not be too long. A letter of recommendation should be limited to two pages.
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It’s always important to include specific details in your personal reference letter. It will also be important to remove unnecessary information.
Depending on your friend or family member’s request, you may want to include some of the following:
How you know them and how they are a good friend, neighbor, student, etc. don’t forget to add that
For example, if the letter is with a job application, you don’t need to include a lot of information about what the candidate is like.
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