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Posted by: Crystal Darr at March 09 2018 23:23:22.
Loan Agreements regulate the making of term loans from one party to another. The Simply-Docs Loan Agreements cover the necessary legal and practical commercial considerations relevant to the lending of small to medium sized amounts for specified periods of time.
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.
Why should you use a free loan agreement template when loaning money? Because of what can happen when you don’t . When loan agreement templates aren’t followed, the lending party can lose some or all of the money owed with no certain legal remedies. Without following a sample loan agreement, you can also not enforce when the loan is to be repaid; in fact, you could find yourself waiting for years for repayment.
Sale of the loan proviso: A lender might want to include the option of selling the loan to another party. This allows the lender to free themselves from the agreement through the sale, while still recouping some money. The loan buyer then becomes the creditor. The borrower remains the debtor and must repay the new loan holder.
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