Description
This Loan Agreement is a concise, 2-page international template designed to define the terms between the Lender and the Borrower for a specified loan amount. The agreement provides a straightforward framework to ensure clarity, protection, and mutual understanding regarding loan repayment and responsibilities.
Key features include:
- Promise to Pay: Sets the loan amount and the borrower’s promise to repay within the agreed timeframe.
- Repayment Terms: Details the monthly installment amounts, due dates, and duration of repayment, ensuring both parties are clear on expectations.
- Prepayment & Late Charges: Outlines the borrower’s right to prepay the loan and applicable penalties for late payments.
- Security & Default: Defines collateral (if applicable) and default conditions, protecting the lender’s interests if payments are missed.
- Collection Fees & Co-Borrowers: Covers fees if legal action is required and outlines responsibilities of any co-borrowers.
This agreement is ideal for lenders, borrowers, and financial professionals seeking a simple yet legally binding framework for personal or business loans.
