Letter of Loan Agreement Between Friends
August 2, 2050
[RECIPIENT'S NAME]
[RECIPIENT'S ADDRESS]
Dear [RECIPIENT'S NAME],
I am writing this letter of agreement to officially document the loan of [AMOUNT] I provided you on [LOAN ISSUANCE DATE]. The purpose of this loan is [PURPOSE OF LOAN]. A letter such as this serves to clarify the terms of our agreement and minimize potential misunderstandings or disagreements in the future.
According to our verbal understanding, repayment of this loan will commence on [FIRST REPAYMENT DATE] and continue in monthly installments of [MONTHLY REPAYMENT AMOUNT] until the loan amount is fully repaid. The expected date for full repayment is [EXPECTED FULL REPAYMENT DATE].
No interest will be charged on this loan. However, should you fail to repay the loan by the agreed date, I reserve the right to seek legal remedies. We hope that this arrangement will not disturb or damage our relationship.
This letter agreement is executed as a deed and delivered on the date first above written.
Please review the terms of this agreement, and if you find them to be accurate and acceptable, please sign and return a copy of this letter. This will act as a binding agreement between us. Thank you for your immediate attention to this matter.
Respectfully yours,
[YOUR NAME]
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