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Preview - Loan Agreement Form
Loan Agreement Template
This Loan Agreement ("Agreement") is made and entered into as of , by and between:
Borrower: , residing at .
Lender: , located at .
This Agreement shall be governed by the laws of the State of , including any applicable statutes.
1. Loan Amount
The total principal amount of the loan hereby granted by the Lender to the Borrower is .
2. Purpose of Loan
The Borrower agrees to use the funds exclusively for .
3. Interest Rate
The loan shall bear an interest rate of % per annum.
4. Repayment Terms
The Borrower agrees to repay the principal and interest in accordance with the following terms:
- The Borrower will make monthly payments of .
- Payments shall commence on .
- The final payment shall be due on .
5. Prepayment
The Borrower may prepay the loan in whole or in part at any time without penalty.
6. Default
If the Borrower fails to make any payment when due, the entire unpaid balance, including interest, shall become immediately due and payable.
7. Governing Law
This Agreement will be governed by and construed in accordance with the laws of the State of .
8. Amendment
This Agreement may only be amended in writing, signed by both parties.
IN WITNESS WHEREOF, the parties have executed this Loan Agreement as of the day and year first above written:
Borrower Signature: _________________________ Date:
Lender Signature: _________________________ Date:
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Similar forms
The Loan Agreement form shares similarities with several other important documents in the financial and legal realm. Understanding these documents can provide clarity on their functions and implications. Below are four documents that are comparable to a Loan Agreement:
- Promissory Note: This document outlines a borrower's promise to repay a loan under specific terms. Like a Loan Agreement, it details the amount borrowed, interest rates, and repayment schedule, but it is often simpler and focuses primarily on the borrower's commitment.
- Mortgage Agreement: A Mortgage Agreement is used when real estate is involved. It serves as a security instrument for the loan, similar to a Loan Agreement, as it specifies the terms of the loan and includes details about the property being financed. The key difference lies in the collateral aspect, where the property secures the loan.
- Credit Agreement: This document governs the terms of a line of credit or revolving credit arrangement. It is similar to a Loan Agreement in that it outlines the terms of borrowing, including limits and interest rates. However, a Credit Agreement often allows for more flexibility in borrowing and repayment compared to a traditional loan.
- Lease Agreement: Although primarily associated with rental agreements, a Lease Agreement can resemble a Loan Agreement in its structure. Both documents detail terms and obligations, such as payment amounts and duration. However, a Lease Agreement focuses on the rental of property rather than the provision of funds.