Posted by: Carol Thomas at March 01 2018 12:53:16.
Late fees: Many borrowers frown at paying more than they already must for a loan. Adding late fees to the agreement’s wording can help in preventing potential overdue payments in the future. The wording can allow for the late fees being something the lender applies at his or her discretion.
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
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.
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.