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; Purpose Reference
Borrower receives a principal sum of $[Loan Amount]. Intended purpose: [Purpose], which is informational unless restricted. No third‑party fees unless specified in this Agreement.
2. Funding; Confirmation
Disbursement will occur on/before [Date] via [Method]; Borrower provides account details in writing. Lender will retain proof of transfer; Borrower will acknowledge receipt in writing. Transfer charges are allocated to ☐ Lender ☐ Borrower.
3. Interest Election
☐ Interest at [X]% per annum on outstanding principal, accruing from funding. ☐ Interest‑free — no interest will be charged or collected. If required, attach an amortization schedule as Exhibit A.
4. Repayment Terms and Application
Installments of $[Amount] due ☐ Weekly ☐ Monthly from [Start Date] until [Maturity Date]. Payments apply to fees (if any), interest (if any), then principal unless stated otherwise. Prepayment is ☐ penalty‑free ☐ subject to [X]% fee.
5. Late Fees; Returned Items
Late fee $[Late Fee] after [X] days; returned payment fee $[Return Fee]. Repeated lateness may trigger default and acceleration per Section 7. Borrower should alert Lender promptly if issues arise.
6. Collateral (Optional)
☐ Secured by [Collateral] — Borrower grants a security interest and will execute filings as needed. ☐ Unsecured — no collateral. Collateral must be owned free of undisclosed liens.
7. Default; Acceleration; Remedies
Default includes nonpayment, insolvency, misrepresentation, or breach of covenants. Upon default, Lender may accelerate and pursue lawful remedies; Borrower remains liable for permitted costs. Parties agree to consider reasonable cure efforts prior to litigation when feasible.
8. Mutual Statements and Assurances
Both Parties confirm authority and accuracy of information provided. Funds will be used for lawful purposes; each Party obtains their own legal/tax advice. No reliance is placed on any statement not included in this Agreement.
9. Notices; Records; Address Updates
Formal notices via certified mail or courier; email copies may be sent for convenience. Maintain records of notices and payments for [X] years. Address changes must be provided within [X] days.
10. Governing Law; Venue; ADR Option
This Agreement is governed by [State/Country]; venue lies in [County/City], [State]. Mediation/arbitration may be elected by written addendum. Severability and non‑waiver clauses apply.
11. Entire Agreement; Amendments; Survival
This Agreement constitutes the entire understanding between the Parties. Modifications require written signatures of both Parties. Obligations that by their nature survive termination shall do so.
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: __________________________
