LOAN TERMS AND CONDITIONS
This loan agreement is hereby agreed to by the following parties: Lender and Borrower, the Lender and Borrower shall collectively be referred to as “The Parties” for the purposes of this loan agreement.
The Lender hereby agrees to extend a loan to the Borrower, and the Borrower agrees to accept and repay a loan from the Lender pursuant to the entire terms of this agreement.
1. Loan
The Lender agrees to loan [Loan; Amount] to the Borrower as of [Loan; Date]. The Borrower agrees to repay that amount plus interest in accordance with the terms of this loan agreement.
2. Loan Delivery
The Lender shall make the full loan amount available to the Borrower via the following method: Wester Union Money Transfer, Bank to Bank Transfer, Wire Transfer, etc.
(Note: If Lender indicates “wire transfer” as the loan delivery method, the Borrower should complete the “wire transfer” of this loan agreement)
Wire Transfer
Account Number .Account Holder Name , Routing Number.
3. Loan Repayment
The Borrower agrees to make monthly payments in the amount of [Payment.Amount] no later than the 1st calendar day of each month. The Borrower will make [Payments.Amount] payments to the Lender in this manner.
The initial loan repayment installment shall be due on a specific date and shall continue monthly until the final payment, due on a specified date.
Payment shall be considered late if not made by 5:00pm [Lender Time zone] on the 1st calendar day of each month. All late payments shall be subject to a [Late Fee Amount] late payment fee.
Payments can be made via the following methods: approved payment method
4. Governing Law
The terms of this loan agreement shall be governed by the laws of [Sender State]. Any disputes, suits, or grievances must be filed in the state of [Sender State].
5. Non-Payment Penalty
Should the Borrower fail to make payments in accordance with this loan agreement, the Lender may bring due the full remaining balance of the loan. In such a case, the Borrower must pay the full remaining balance of the loan within 30 days.
6. Legal Fees
Both parties agree that, in the event of a court dispute regarding this loan agreement, the prevailing party’s full legal costs, including attorneys’ fees, shall be reimbursed by the opposite party.
7. Successors
In the event that either party becomes deceased or otherwise incapacitated, their legal successors shall be fully responsible for upholding the terms of this loan agreement.
8. Financing Itemization
Amount given to borrower, Finance charge, Interest (if repaid entirely via monthly installments), Total Amount of Payments (if repaid as scheduled):
Loan: Principal Amount , Finance Charge; Amount, Interest; Amount, Total Repayment; Amount.
Notification
Any communication or notification related to this loan agreement shall be made as follows:
If to the Lender: Street, Email, City, State, Zip, Phone
If to the Borrower: Street, Email, City, State, Zip, Phone
Acceptance
By signing, both parties indicate their acceptance of the terms of this loan agreement by singing on agreement letter. i.e Borrower name ; Signature with date, likewise lender company name, signature of principal person and date
