Sample Loan Agreement for Friends
This Loan Agreement ("Agreement") is made on March 1, 2050, between the following parties:
Lender: [Your Name], residing at 123 Elm Street, Metropolis, USA.
Borrower: Taylor Johnson, residing at 456 Oak Avenue, Metropolis, USA.
Terms of the Loan
Loan Amount
The Lender agrees to loan the Borrower the sum of Five Thousand Dollars ($5,000).
Purpose of the Loan
The Borrower agrees that the loan will be used for starting a small business.
Repayment Terms
The Borrower agrees to repay the full amount by December 31, 2050.
Repayment will be made in monthly installments of $500 starting on April 1, 2050.
Interest
The loan shall carry no interest.
Payment Method
Payments will be made via bank transfer to the Lender’s account: Account Number 987654321, Metropolis National Bank.
Early Repayment
The Borrower may repay the loan earlier than the due date without penalty.
Default
If the Borrower fails to make payment by the agreed date(s), the Lender may:
Additional Terms
Amendments
Any changes to this Agreement must be agreed upon in writing by both parties.
Friendship Clause
Both parties agree that this arrangement is based on trust and will not negatively impact their friendship.
Governing Law
The laws of New York, USA shall govern this Agreement.
Acknowledgment
Both parties have read and understood the terms of this Agreement and agree to abide by them.
[Your Name]
[Date]
Taylor Johnson
[Date]
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