Letter Of Reference For A Friend – A personal loan agreement explains the terms of how the money is borrowed and when it will be repaid. It’s a simple contract that includes the amount to borrow, the interest rate, and when you have to repay the money. If the borrower defaults or defaults on the loan, he will not complete the agreement with the lender and will be subject to late fees and penalties.
A personal loan is an amount borrowed by an individual that can be used for any purpose. The borrower will be responsible for paying the added interest to the borrower. Interest is the cost of the loan and is calculated annually.
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The lender can be a bank, financial institution or individual – the loan agreement will be 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 repeated access to money without an end date.
Unlike a business or car loan, where the terms dictate how the funds can be used, the borrower can use the money from a personal loan for any purpose.
Because personal loans are more flexible and not tied to a specific purchase or purpose, they are often unsecured. This means that the loan is not tied to real assets, unlike a home mortgage, which is on a house, or a car loan, which is on a car. If the personal loan is secured by a guarantee, it must be specifically mentioned in the contract.
Lender: [NAME OF LENDER] at the mailing address [ADDRESS] and agrees to lend money to the Borrower subject to the following conditions:
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2. Loan amount. The total amount of money borrowed from the Lender to the Borrower is [AMOUNT] USD (“Borrowed Money”).
☐ – bearish interest. Borrowed money has an interest rate of [#]% Prepared by: (check one)
☐ – no interest charged. No interest should be attached to the money borrowed. The borrower’s only obligation to the lender is to repay the principal amount.
4. Duration. The total amount of Borrowed Money, including principal and interest, is due and payable on [DATE] (the “Term Date”).
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5. Payment. The borrower agrees to repay the loan to the borrower on the following payment schedule: (check one)
☐ – weekly payment. The Borrower agrees to pay the Lender on [DAY] of each week prior to the due date.
☐ – monthly payments. The Borrower agrees to pay the Lender on [DAY] of each month before the due date.
Hereinafter known as “Payment Schedule”. All payments made by the borrower will be applied first to the interest earned and second to the principal balance.
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6. Late payment. If the Borrower is more than [#] days late in any payment, it will be considered delinquent. In case of late payment, the borrower must: (check one)
☐ – late payment. The borrower will be charged a late fee equal to: [LAST FEE AMOUNT]
☐ – Security pledge. Borrower agrees to secure this Agreement by providing the following security: [DESCRIBE] (“Security”).
If the Borrower defaults under this Agreement, the Lender must: (check one)
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☐ – There is no guarantee. This Agreement shall not be secured by property or assets of the Borrower.
8. pronunciation. The lender has the right to declare the money borrowed immediately and must be paid, including interest on the loan, if the following occurs:
A.) Late payment. If the payment is late, it has been paid more than 15 days according to the payment schedule;
C.) Security. If the asset or property pledged as part of this Agreement is transferred or sold.
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9. Severity. If any provision of this Agreement or its application, for any reason and to any extent, is invalid or unenforceable, no remainder of this Agreement or the application of its provisions will affect any other person, entity or situation. , but must be enforced to the maximum extent permitted by law.
10. Applicable law. This Agreement shall be interpreted and governed by the laws of the State [Laws] of the State (“Government Laws”).
IN WITNESS WHEREOF, the Borrower and the Lender have executed this Agreement on the day and year first written above.
The guarantor, known as [GUARANTEE’S NAME], agrees to be responsible for and pay the amount borrowed, including principal and interest, if the person owes the debt. The guarantor agrees to be personally liable to the debtor in accordance with the terms and obligations of this agreement.
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