Direct Payment Plan
Direct Payment Plan
This Payment Plan is made under the company, [Your Company Name], to facilitate the repayment of loans through automatic deductions from a borrower's bank account. This Plan sets forth the terms and conditions under which the borrower agrees to repay their loan amount.
I. Borrower Information
-
Borrower Name: [Borrower Name]
-
Borrower Email: [Borrower Email]
-
Borrower Phone Number: [Borrower Phone Number]
-
Borrower Address: [Borrower Address]
II. Loan Details
-
Loan Amount: $25,000
-
Loan Term: 5 years
-
Interest Rate: 4.5% per annum
-
Loan Start Date: March 1, 2051
-
Loan End Date: March 1, 2056
III. Payment Schedule
|
Payment Date |
Payment Amount |
Status |
|---|---|---|
|
April 1, 2051 |
$468.75 |
Pending |
|
May 1, 2051 |
$468.75 |
Pending |
|
June 1, 2051 |
$468.75 |
Pending |
IV. Payment Method
The borrower hereby authorizes [Your Company Name] to initiate automatic deductions from the following bank account for the payment of their loan:
Bank Name: [Bank Name]
Account Number: [Account Number]
Routing Number: [Routing Number]
V. Grace Period Policy
-
[Your Company Name] provides a grace period of 10 days for late payments.
-
Payments made after the due date will incur a $25 late fee during the grace period.
-
After the grace period, additional penalties or fees may apply, and [Your Company Name] reserves the right to take necessary actions as per the loan agreement.
VI. Terms and Conditions
1. The borrower agrees to maintain sufficient funds in the specified bank account to cover the scheduled payments.
2. In case of insufficient funds, [Your Company Name] reserves the right to apply additional fees.
3. Any changes to the bank account information must be communicated to [Your Company Name] at least 5 business days before the next scheduled payment.
4. The borrower may request to alter the payment schedule, subject to approval by [Your Company Name].
By signing below, the borrower agrees to the terms and conditions outlined in this Payment Plan.
[Borrower Name]
Date: [Date]
[Representative Name]
[Your Company Name]
Date: [Date]
