Personal Loan Agreement Form 2

Personal Loan Agreement
This loan agreement is made and will be effective on [DD/MM/YYYY]
BETWEEN
[Borrower Name] with little introduction of the borrower with his street address along with city, state
and zip code
AND
[Lender Name] with little introduction of the borrower with his street address along with city, state and
zip code
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
Other
Amount
Finance
Total
of
payments:
ANNUAL PERCENTAGE RATE________________%
Loan: $__________
(Describe) $__________
financed: $__________
charge: $__________
$__________
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 ten (10) days of its due date shall be subject to a belatedly charge
of 5% 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