Description
The Loan Agreement establishes the terms between Lender and the Borrower, for a specified loan amount. It outlines the borrower’s promise to repay the loan within a designated timeframe, along with responsibilities, repayment terms, prepayment options, late charges, and security arrangements. The agreement also covers defaults, the right of offset, collection fees, and co-borrower obligations. This legally binding contract ensures clarity and mutual understanding regarding the loan terms and repayment obligations.