Simple Loan Agreement for unsecured loan.
Download a Loan Agreement Template for an agreement between a Lender and a Borrower. This template is a formal way of setting out the terms and conditions of the loan.
The Loan Agreement Template includes:-
- 1 DEFINITIONS & INTERPRETATION
- 1.1 Definitions
- 1.2 Interpretation
- 2 Loan
- 3 Interest
- 4 Repayment
- 5 Early repayment
- 6 Guarantor guarantee and indemnity
- 7 Costs
- 8 GENERAL PROVISIONS
- 8.1 Counterparts
- 8.2 Force majeure
- 8.3 Further assurance
- 8.4 Governing law and jurisdiction
- 8.5 Notices
- 8.6 Service of notices
- 8.7 Severability
- 8.8 Survival & merger
- 8.9 Variation
- 8.10 Waiver
- 8.11 Warranties and representations
- 8.12 Whole agreement
- 1. the initial amount being borrowed
- 2. how it is repaid
- 3. any interest payable
- 4. guarantors
The lender may be a human or a company. The Borrower can be a human or a company.
It is important that the Borrower fully understands the nature of what they are agreement sets out and the consequences of not repaying can be very serious and may be followed by debt collection
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As a business owner you may well ask “why is a Loan Agreement important?” You will almost certainly want to understand the terms and complexities of your business loan agreement so that you or your legal team can negotiate with the lender to get the best possible deal for you.