Free Editable Loan Agreement Layout Template
Editable Loan Agreement Layout
This Loan Agreement ("Agreement") is made and entered into on this ___ day of ________, 20, by and between:
Lender:
[Your Name]
[Your Address]
Borrower:
[Name of the Borrower]
[Address of the Borrower]
1. Loan Amount and Terms
1.1 The Lender agrees to loan the Borrower the sum of [Insert Loan Amount] USD (the "Loan").
1.2 The Borrower agrees to repay the Loan, including interest, according to the following terms:
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Interest Rate: [Specify rate, e.g., 5% per annum].
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Repayment Schedule: [e.g., Monthly/Quarterly].
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Payment Due Date: Payments shall be made on the [day] of each month, beginning on __________.
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Final Payment Date: The full Loan amount, including interest, shall be repaid by __________.
2. Purpose of the Loan
The Borrower shall use the Loan for the following purpose(s):
[Specify purpose, e.g., home improvement, business expenses, etc.].
3. Repayment Method
3.1 Payments will be made via [cash/bank transfer/cheque], to the Lender’s designated account:
[Bank Name, Account Number, Routing Number].
4. Late Payments
4.1 If any payment is not made by the due date, the Borrower agrees to pay a late fee of [Insert Late Fee] USD.
5. Prepayment
5.1 The Borrower [may/may not] prepay the Loan in whole or in part at any time without penalty.
5.2 Prepayments will be applied first to accrued interest and then to the principal balance.
6. Default
6.1 The Borrower will be considered in default under this Agreement if:
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Payments are more than [Insert Period, e.g., 30 days] late.
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The Borrower fails to comply with any other term of this Agreement.
6.2 In the event of default, the Lender may demand immediate repayment of the outstanding Loan balance.
7. Collateral
[Optional: If applicable, describe collateral securing the Loan, e.g., property, vehicle, etc.].
8. Governing Law
This Agreement shall be governed by and construed by the laws of the State of [Insert State].
9. Entire Agreement
This Agreement constitutes the entire agreement between the parties and supersedes all prior negotiations or agreements.
10. Signatures
[Your Name]
[Date]
[Borrower Name]
[Date]
