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Personal Loan Agreement Template – Florida
Define clear loan terms and repayment obligations in Florida with this Personal Loan Agreement Template.
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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. Principal; Intended Purpose
Lender loans Borrower $[Loan Amount] as principal. Purpose is [Purpose]; this does not limit lawful use unless expressly restricted. No origination fee unless stated in Section 2.
2. Funding; Delivery; Charges
Funding occurs on/before [Date] via [Method] to Borrower’s designated account. Borrower will verify details in writing and acknowledge receipt after funding. Transfer fees allocated to ☐ Lender ☐ Borrower.
3. Interest or Interest‑Free Option
☐ Interest at [X]% per annum simple interest on unpaid principal, accruing from Disbursement Date. ☐ Interest‑free — no interest will be charged; Parties confirm no disguised charges. An amortization exhibit may be attached if needed.
4. Repayment; Prepayment; Application
Installments of $[Amount] are due ☐ Weekly ☐ Monthly beginning [Start Date]; maturity [Maturity Date]. Payments apply to fees (if any), interest (if any), then principal unless stated otherwise. Prepayment is ☐ allowed without penalty ☐ subject to [X]% fee.
5. Late Fees; Returned Payment Fees
Late fee of $[Late Fee] applies after [X] days past due; returned items charged $[Return Fee]. Persistent delinquency may trigger default and acceleration. Borrower should notify Lender of issues promptly.
6. Collateral; Security Interest
☐ Secured by [Collateral] — Borrower grants a security interest; filings may be required. ☐ Unsecured — no collateral pledged. Borrower warrants good title to any pledged collateral.
7. Default; Acceleration; Enforcement
Default includes missed payments, bankruptcy, false statements, or breach of covenants. Upon default, Lender may accelerate and pursue all lawful remedies, including realization on collateral. Where feasible, Parties will discuss cure options in good faith.
8. Mutual Statements
Borrower and Lender each confirm authority to enter this Agreement and the accuracy of provided information. Funds are to be used for lawful purposes only. Each Party relies on their own legal and tax advice.
9. Notices; Records; Contact Changes
Formal notices via certified mail or courier; optional email copies for convenience. Each Party shall keep contact details current and retain payment records. Notices are deemed delivered per carrier confirmation.
10. Law; Venue; ADR
This Agreement is governed by [State/Country]; venue lies in [County/City], [State]. Mediation or arbitration may be used if mutually agreed in writing. Severability and non‑waiver apply.
11. Entirety; Modifications
Entire agreement; no oral changes. Modifications require written signatures. Invalid provisions do not affect the remainder.
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: __________________________
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Personal Loan Agreement Template – Florida
Florida Personal Loan Agreement FAQ
What is a Personal Loan Agreement?
A Personal Loan Agreement is a legally binding contract between a lender and a borrower that outlines the key terms of a loan, including the loan amount, interest rate, repayment schedule, and any applicable fees or penalties. The agreement protects both parties by clearly defining their rights and obligations, helping to prevent future disputes or misunderstandings.
Essentially, it sets out all the important details of how the loan will be repaid and under what conditions. Reviewing the terms carefully before signing — especially the interest rate, repayment timeline, and any late payment clauses — can help you avoid unexpected costs or issues later.
When to use a Personal Loan Agreement?
A Personal Loan Agreement should be used whenever money is being lent between two parties — whether between friends, family members, or through a business or financial institution. It’s especially important when the loan involves a significant amount of money, has repayment terms over time, or includes interest or collateral.
The agreement helps prevent misunderstandings by clearly outlining how much is being borrowed, when it must be repaid, and under what conditions. It’s also useful as legal proof of the debt, protecting both the lender and the borrower if any disputes arise later.
What should be included in a Personal Loan Agreement?
A Personal Loan Agreement should clearly outline all the terms and conditions of the loan to protect both the borrower and the lender. While simple loans may only require a promissory note, more detailed agreements should include the following key elements:
Identifications: Full names and addresses of the lender and borrower.
Effective dates: The start date of the agreement and any other important deadlines.
Loan amount: The total sum being borrowed (the principal).
Collateral: If the loan is secured, specify the asset pledged as security.
Interest rate: The cost of borrowing, whether fixed or variable. Any fees or additional costs should be stated, often reflected as an APR (Annual Percentage Rate).
Repayment schedule: How and when payments will be made — including frequency and duration.
Penalties: Details of late payment fees or consequences of default.
Jurisdiction: The state or area whose laws will govern the agreement.
Severability clause: Ensures that if one part of the contract is invalid, the rest remains enforceable.
Entire agreement clause: States that the written contract represents the full understanding between both parties.
Signatures: Both parties must sign and date the agreement for it to be legally binding.
Having these sections clearly written helps prevent confusion and ensures that both sides understand their rights and responsibilities from the start.
Can a Personal Loan Agreement be changed after signing?
Yes, a Personal Loan Agreement can be changed after signing, but only if both the lender and the borrower agree to the modifications. Any changes — such as adjustments to the repayment schedule, interest rate, or loan amount — must be made in writing through an official amendment or addendum to the original agreement.
Both parties should sign and date the amendment for it to become legally valid. Verbal changes or informal agreements are not enforceable and can lead to misunderstandings or legal disputes. Keeping all modifications clearly documented helps ensure transparency, protects both parties, and maintains the integrity of the original contract.
What’s the difference between a Personal Loan Agreement and a Promissory Note?
A Personal Loan Agreement is a detailed contract that outlines the full terms of a loan, including repayment schedule, interest rate, late fees, and what happens if either party defaults. It is signed by both the lender and borrower, creating mutual obligations.
A Promissory Note, on the other hand, is a simpler document — it’s essentially a promise from the borrower to repay a specific amount of money under certain conditions. It usually doesn’t include as many details about enforcement, collateral, or penalties.
In short, a Personal Loan Agreement offers broader protection for both sides, while a Promissory Note is often used for smaller, informal, or short-term loans.
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