Uploaded by: Crystal Darr at February 14 2018 01:05:12.
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.
The last section will detail the information about the loan. This includes the term for the loan, the interest rate, total amount of the loan, and other financial specifics.
A free loan agreement template is a document that will benefit anyone who is lending money to a person. It is a document ideal for an agreement between people who do not have contact with one another on a regular basis. The terms of the loan are available for the borrower to read and understand. The borrower must do so before signing the document. The document is also excellent if you are a lender who plans on charging interest on the money you lend to another
loan agreement between individuals
business loan agreement
personal loan agreement