![]() The Borrower agrees to repay the Borrowed Money to the Lender under the following payment schedule: (check one) The total amount of the Borrowed Money, including principal and interest, shall be due and payable on (“Due Date”).ĥ. The Borrower’s only obligation to the Lender is to repay the principal balance.Ĥ. There shall be no interest associated with the Borrowed Money. The Borrowed Money shall bear interest at a rate of % compounded: (check one) The total amount of money being borrowed from the Lender to the Borrower is $ (“Borrowed Money”).ģ. Lender: with a mailing address of and agrees to lend money to the Borrower under the following terms:Ģ. This Personal Loan Agreement (“Agreement”) made this is between:īorrower: with a mailing address of (“Borrower”) and agrees to borrow money from: The main difference is the personal loan must be paid back on a certain date and a line of credit offers revolving access to money with no end date.ġ. Default Terms (if the borrower doesn’t pay).This lending contract must include several key provisions: Variable Rate – When the interest rate is tied to a third-party such as the current Fed Funds Rate.Although, if the borrower does not pay their personal assets may still be confiscated legally. Unsecured– The borrower is not required to place collateral as part of the loan agreement.Often the collateral is a vehicle or a 2nd mortgage put on a home. Secured– The borrower is required to put collateral down in case of default.Fixed-Rate – The interest rate remains the same during the course of the repayment period. ![]()
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