Personal Loan Agreement

Personal Loan Agreement
This loan agreement is made and will be effective on ___/___/___
BETWEEN
____________________ hereinafter referred to as the “Borrower” with a street address of
___________________________________________________________________________________.
AND
____________________ hereinafter referred to as the “Lender” with a street address of
___________________________________________________________________________________.
Terms and Conditions:
Promise to Pay:
Within _______ months from today, Borrower promises to pay the Lender_________________________
dollars ($_______) and interest as well as other charges avowed below.
Liability:
Although this agreement may be signed below by more than one person, each of the undersigned
understands that they are each as individuals responsible and jointly and severally liable for paying back
the full amount.
Details of Loan: Agreed Between Borrower and Lender:
Amount of Loan: $__________
Other (Describe) $__________
Amount financed: $__________
Finance charge: $__________
Total of payments: $__________
ANNUAL PERCENTAGE RATE________________%
Repayment of Loan:
Borrower will pay back in the following manner: Borrower will repay the amount of this note in _____equal
continuous monthly installments of $____________ each on the _____ day of each month preliminary on
the _____day of _______, 20____, and ending on _________, 20____.
Prepayment of Loan:
Borrower has the right to pay back the whole exceptional amount at any time. If Borrower pays before
time, or if this loan is refinanced or replaced by a new note, Lender will refund the unearned finance
charge, figured by the Rule of 78-a commonly used formula for figuring rebates on installment loans.
Late Charges:
Any payment not remunerated within ________ (___) days of its due date shall be subject to a belatedly
charge of ____% of the payment, not to exceed $____________ for any such late installment.
Security/Collateral:
To protect Lender, Borrower gives what is known as a security interest or mortgage in:
__________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
Failure to pay:
If for any reason Borrower not succeeds to make any payment on time, Borrower shall be in default. The
Lender can then order instant payment of the entire remaining unpaid balance of this loan, without giving
anyone further notices. If Borrower has not paid the full amount of the loan when the final payment is due,
the Lender will charge Borrower interest on the unpaid balance at ______ percent (%) per year.
Collection fees:
If this note is placed with a legal representative for collection, then Borrower agrees to pay an attorney's
fee of fifteen percent (15%) of the voluntary balance. This fee will be added to the unpaid balance of the
loan.
Co-borrowers:
Any Co-borrowers signing this agreement agree to be likewise accountable with the borrower for this
loan.
Borrower and Lender both agree to follow above mentioned terms and conditions.
______________________________
Borrower’s Signature
_______________________________
Witness’s Signature
______________________________
Lender’s Signature
_______________________________
Witness’s Signature