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Posted by: Victoria Person at February 02 2018 18:15:24.
If the Lender is in the business of providing loans, the provision of the National Credit Code under the National Consumer Credit Protection Act 2009 (Cth) may apply. Lenders should review whether the provisions of that Act apply to their lending activities and ensure that they are in compliance with the rules that apply to Australian credit licence holders by tailoring this agreement accordingly.
Where the Lender has requested that the borrower provide guarantors, those guarantors should also carefully read the entire Loan Agreement and their guarantee obligations, and sign where indicated.
A simple loan agreement is a legal document that allows a lender to give access to money to a borrower with the intent on being paid back, at a specific particular date, and with interest. The amount of interest, usually described as a percentage (%) and compounded over a yearly basis, should be negotiated by the parties and may not be over the State’s usury limit. Once signed by the borrower and lender and all funds have been disbursed the agreement is legally binding and if the borrower defaults the lender may pursue legal action through small claims courts.
Before you give someone a loan, you want to make sure that he or she will return the money within an agreed date. By using a Family loan Contract Template, you can track the status of the loan, including the grace period and the cause of action should the loan not be paid on time. Whether you are loaning to an individual or a company, an will be the single most valuable tool you will need to create the contract fast.
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