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. Amount and Use
The principal Loan amount is $[Loan Amount]. Use is [Purpose], informational unless restricted in this Agreement. No third‑party broker fees apply unless expressly stated.
2. Disbursement; Proof of Funds
Disbursement on/before [Date] by [ACH/wire/check/cash]; Borrower supplies account info in writing. Lender may request proof of identity prior to funding for verification. Transfer charges are paid by ☐ Lender ☐ Borrower.
3. Interest Option
☐ Interest at [X]% per annum simple interest on unpaid principal. ☐ Interest‑free — no interest will be charged or collected. Interest (if any) accrues from Disbursement Date.
4. Repayment; Amortization; Early Payoff
Payments of $[Amount] are due ☐ Weekly ☐ Monthly starting [Start Date]; maturity [Maturity Date]. Attach an amortization table if helpful; payments apply to fees, interest, then principal. Prepayment is ☐ allowed without penalty ☐ subject to [X]% fee.
5. Late/Returned Payment Handling
Late fee $[Late Fee] after [X] days; returned payment charge $[Return Fee]. Multiple misses may be default per Section 7. Borrower should communicate early about hardships.
6. Collateral (If Any)
☐ Secured by [Collateral]; Borrower grants security interest and will sign necessary filings. ☐ Unsecured — no collateral pledged. Collateral must be free of undisclosed encumbrances.
7. Default; Remedies; Costs
Default includes missed payments, insolvency, misrepresentation, or covenant breach. Upon default, Lender may accelerate and pursue lawful remedies, including recovery of reasonable costs where permitted. Parties agree to consider a brief cure discussion before litigation when practical.
8. Declarations
Borrower affirms lawful purpose and capacity; Lender affirms authority and lawful source of funds. Parties have had the opportunity to seek independent advice. Information provided is accurate to the best of their knowledge.
9. Notices; Records; Changes
Formal notices via certified mail or courier; email copies for convenience. Update addresses within [X] days of changes. Maintain payment records for [X] years.
10. Governing Law; Venue; ADR Option
Governing law is [State/Country]; venue is [County/City], [State]. Optional mediation/arbitration may be elected by signed addendum. Severability and non‑waiver apply.
11. Entire Agreement; Amendments
This document is the complete agreement and supersedes prior discussions. Amendments require written signatures of both Parties. Invalid terms shall be replaced with enforceable terms closest in intent.
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: __________________________
