Reference Letter For A Friend – The personal loan agreement defines the terms of the loan and when it will be repaid. It is a simple contract that includes the loan amount, the interest rate and the repayment period. If the borrower does not pay or defaults on the loan, they break their agreement with the lender and face fines and penalties.

A personal loan is money borrowed by an individual that can be used for any purpose. The lender will repay the loan plus interest. Interest is the cost of the loan and accrues annually.

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The borrower can be a bank, financial institution or an individual – however, the loan agreement will be legally binding.

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The main difference is that a personal loan must be paid back in a day, while a line of credit has access to money continuously without an end date.

Unlike a business loan or a car loan, the terms of which determine how much money will be used, the borrower can use the money from the 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 debt is not tied to an actual asset, unlike a home loan or car loan, which is tied to the vehicle. If the personal loan must be secured by collateral, this must be specified in the contract.

Creditor: [NAME OF CREDITOR] with mailing address at [ADDRESS] and agrees to lend money to the Borrower as follows:

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2. SOME MONEY. The total amount to be loaned by the Company to the Borrower is $ [AMOUNT] (the “Loan”).

☐ – Earn interest. The loan earns interest at the rate of [#]%: (select one)

☐ – No interest. Interest is not earned on the loan. The only obligation of the borrower to the borrower is to repay the principal amount.

4. KEV. All loans, including principal and interest, will be due on [DATE] (the “Due Date”).

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5. Payment. The borrower agrees to return the loan to the borrower according to the following payment schedule: (select one)

☐ – Weekly payments. The Borrower agrees to pay the Borrower [DATE] every week before the Due Date.

☐ – Monthly payments. Borrower agrees to pay Borrower [DATE] each month before the Due Date.

Hereinafter called “Payment Schedule”. All payments made by the Borrower are first applied to interest and then to the balance.

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6. Loan payments. If the borrower delays payment for more than [#] days, it shall be considered as default. If the payment is overdue, the Payee: (check one)

☐ – A late fee has been charged. The borrower will be charged a late fee equal to: [AMOUNT OF DELAY FEE]

☐ – Financial security. Borrower agrees to execute this Agreement by providing the following security: [DESCRIPTION] (“Security”).

In the event that the Borrower fails to fulfill its obligations under this Agreement, the Borrower shall receive the property: (select one)

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☐ – No evidence. This Agreement shall not be secured by any property or assets of the Borrower.

8. ACCELERATION. The lender has the right to declare the loan to be paid immediately, including interest, if the following events occur:

A.) Late payment. If the payment is delayed by the Payment Period of more than 15 days;

C.) Security. If the assets or instruments transferred as Security under this Agreement are exchanged or sold.

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9. Problem solving. If any provision of this Agreement or its application becomes invalid or unenforceable for any reason and for any reason, this shall not affect the remainder of the Agreement. This or the validity of the offer to another person, place or situation. all in accordance with the law.

10. IMPORTANT. This Agreement shall be interpreted and governed by the laws of the state [LAW] (“LAW”).

IN WITNESS WHEREOF, Borrower and Lender have entered into this Agreement as of the date and year above.

The Guarantor, known as [GUARANTEE NAME], agrees to guarantee and pay the amount of the loan, including bank deposits and interest, in the event of default by the borrower. The Guarantor agrees to be personally responsible for the promises and obligations of the debtor under this Agreement.

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