Free Friendly Loan Agreement Template
Friendly Loan Agreement
This Friendly Loan Agreement ("Agreement") is made and entered into by and between the following parties:
Lender: [Your Name]
Address: [Your Address]
Borrower: [Borrower's Name]
Address: [Borrower's Address]
The Lender and the Borrower may each be referred to in this Agreement individually as a "Party" and collectively as the "Parties."
Purpose
The purpose of this Agreement is to outline the terms and conditions under which the Lender agrees to provide a loan to the Borrower, and the Borrower agrees to repay the loan to the Lender, under the terms and conditions detailed hereinafter.
Loan Details
Loan Amount
The Lender agrees to loan the Borrower the principal sum of [Loan Amount] ("Loan Amount").
Interest Rate
The loan will be interest-free unless otherwise specified. If interest applies, the interest rate will be stated as follows: [Interest Rate] % per annum.
Loan Term
The Borrower agrees to repay the Loan Amount within [Loan Term], commencing from the date of receipt of funds by the Borrower.
Repayment Terms
The Borrower agrees to make repayments in installments as follows:
[Repayment Schedule]
Conditions
Prepayment
The Borrower has the right to prepay the Loan Amount in full or in part at any time without penalty.
Default
In the event of default by the Borrower under the terms of this Agreement, the Lender may declare the entire outstanding balance of the Loan Amount due and payable immediately.
Additional Provisions
This Agreement contains the entire understanding between the Parties concerning the subject matter hereof and supersedes all prior discussions, agreements, and understandings of every kind and nature between them.
Signatures
IN WITNESS WHEREOF, the Parties hereto have executed this Agreement on the day and year first above written.
[Your Name]
[Borrower's Name]
[Date]
