Free Loan Contract Between Two Individuals Template
Loan Contract Between Two Individuals
This Loan Agreement ("Agreement") is made and entered into on this 5th day of December 2050, by and between:
Lender:
Name: [Your Name]
Address: 123 Maple Street, Springfield, IL 62701
Email: [Your Email]
Phone Number: (555) 123-4567
Borrower:
Name: Jane Smith
Address: 456 Oak Avenue, Springfield, IL 62702
Email: jane.smith@email.com
Phone Number: (555) 987-6543
1. Loan Amount and Disbursement
The Lender agrees to loan the Borrower the sum of Five Thousand Dollars ($5,000). The loan will be disbursed to the Borrower on December 10th, 2050, by bank transfer to the Borrower's account: Account Number: 987654321, Bank Name: Springfield Bank.
2. Interest Rate
The loan will be subject to an annual interest rate of 5%. Interest will be calculated on the outstanding principal balance and will be compounded annually.
3. Loan Term and Repayment
The Borrower agrees to repay the loan within 3 years (36 months). The loan will be repaid in monthly installments of $150 each, due on the 15th day of each month, starting from January 15th, 2051 until the loan is paid in full. The final payment, which will be the remaining balance, is due on December 15th, 2053.
4. Early Repayment
The Borrower may repay the loan in full or in part at any time without penalty. Early repayment will not result in any additional charges, except for the accrued interest up until the date of repayment.
5. Late Payments
If the Borrower fails to make a payment by the due date, a late fee of $25 will be applied. If the payment is more than 30 days overdue, the Lender has the right to declare the entire loan balance due and payable immediately.
6. Default
If the Borrower defaults on the loan, the Lender has the right to pursue legal action to recover the loan amount, including any applicable interest, late fees, and legal costs. Default is defined as failure to make payments as agreed or failure to comply with any other terms of this Agreement.
7. Governing Law
This Agreement will be governed by and construed by the laws of the State of Illinois, and both parties agree to submit to the jurisdiction of the courts of Illinois.
8. Modification
Any modifications to this Agreement must be made in writing and signed by both parties.
9. Signatures
By signing below, the parties acknowledge that they have read and understood the terms of this Agreement, and agree to be bound by it.
[Your Name]
[Date]
Jane Smith
[Date]
