Personal Loan Agreement

Personal Loan Agreement

This Personal Loan Agreement ("Agreement") is made and entered into on [Date], by and between:

Lender: [Full Name / Company Name]
Address: [Lender’s Address]

and

Borrower: [Full Name / Company Name]
Address: [Borrower’s Address]

Together referred to as the "Parties."

1. Loan Amount

The Lender agrees to loan the Borrower the principal sum of $[Loan Amount] (the "Loan").

2. Disbursement Date

The Loan shall be disbursed to the Borrower on or before [Date], via [Payment Method – e.g., bank transfer, cash].

3. Interest Rate

☐ The Loan shall bear interest at an annual rate of [X]%, calculated on the unpaid balance.
☐ This is an interest-free loan.

4. Repayment Terms

The Borrower agrees to repay the Loan as follows:

• Repayment Start Date: [Date]

• Payment Frequency: ☐ Weekly ☐ Monthly ☐ Other: __________

• Payment Amount: $[Amount] per installment

• Final Due Date: [Date of final payment or loan maturity]

Early repayment is:
☐ Allowed without penalty
☐ Subject to [X]% early repayment fee

5. Late Payment

A late fee of $[Amount] will apply if any installment is more than [X] days past due. Continued non-payment may result in legal action.

6. Collateral (Optional)

☐ This Loan is secured by the following collateral: [Description of item/property]
☐ This is an unsecured personal loan.

7. Default

If the Borrower fails to make payments as agreed, or breaches any term of this Agreement, the full remaining balance shall become immediately due and payable.

8. Governing Law

This Agreement shall be governed by and construed in accordance with the laws of [State/Country].

9. Entire Agreement

This document represents the entire agreement between the Parties and supersedes all prior oral or written understandings.

IN WITNESS WHEREOF, the Parties have executed this Personal Loan Agreement as of the date first written above.

Lender Signature
Name:
Date:

Borrower Signature
Name:
Date: