This Loan Agreement, hereby known as the “Agreement,” is entered into and made on this day of [Document.CreatedDate] , hereby known as the “Effective Date,” by and between:
[Borrower.FirstName] [Borrower.LastName] , with a mailing address of [Borrower.StreetAddress] [Borrower.City] [Borrower.State] [Borrower.PostalCode] , hereinafter known as the “Borrower,” and [Lender.FirstName] [Lender.LastName] , with a mailing address of [Lender.StreetAddress] [Lender.City] [Lender.State] [Lender.PostalCode] , hereinafter known as the “Lender,” who will collectively be referred to as the “Party” or “Parties.”
On the Effective Date, the Borrower agrees to accept and repay the "Loan" given by the Lender, in full on or by the Final Loan Delivery date as pursuant to the entire terms of this Agreement.
The Lender agrees to loan a principal amount of (Written.Loan.Amount) ($ Numerical.Loan.Amount) to the Borrower, which will incur interest on the original amount at (Written.Interest.Percentage.Amount) percent (Numerical.Interest.Percentage.Amount %) each month, for a total loan amount (Total.Written.Loan.Amount) ($ Total.Numerical.Loan.Amount).
For the loan amount, it’s helpful to add the interest that might incur at the end of the Loan’s lifecycle, so the Borrower has a better idea of what they’re expected to pay. A high enough interest rate may make it impossible for them to pay, and having this information up front will provide a smoother repayment process. At the same time, you don’t have to add interest at all.
Under this current Agreement, payments:
Shall be made in Regular Payments, where the Borrower repays the Lender in a set number of payments over a set period enforced after the Agreement is signed.
Shall be made in one Single Payment, where the Borrower repays the Lender all at one time by the date specified by the Lender or “On Demand” once the Agreement is signed.
If “Regular Payments” is selected, the Borrower will make (Daily/Monthly/Yearly) payments of $ (Numerical.Payment.Amount) beginning on the (Effective.Date/MM/DD/YYYY) and to be paid every (Day.Of.Week) until the loan amount is paid, ending on (Date) hereby known as “Term.”
If “Single Payment” is selected, the Borrower will make a lump sum payment of $ (Numerical.Payment.Amount) paid on (Effective.Date/MM/DD/YYYY) hereby known as “Term.”
Use our Quoting Software if you want to prepare quotes based on customer needs and automate your quoting process.
Payment shall be considered late if not made by (Time.In.AM.or.PM) , (Time.Zone) on the (Day) calendar day of each month. All late payments are subjected to a late fee of $ (Numerical.Interest.Amount) OR (Numerical.Percentage.Amount) %. Late payments can be made in the same payment method as outlined in Section IV.
The following methods are acceptable (Check all the apply):
Other: (State.Other.Payment.Methods)