Recommendation Letter For A Friend
Recommendation Letter For A Friend – The personal loan agreement specifies the terms of how the money will be withdrawn and when it will be repaid. This is a simple contract that states the amount of the loan, the interest rate, and when the money must be repaid. If the borrower misses a payment or defaults on the loan, they are in breach of their agreement with the lender and are subject to late fees and penalties.
A personal loan is a loan amount that can be used by an individual for any purpose. The borrower is responsible for repaying interest and interest to the lender. Interest is the cost of the loan and is calculated annually.
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The lender can be a bank, financial institution or an individual – the loan agreement will be legally binding in any case.
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The main difference is that a personal loan must be repaid within a certain period, and a line of credit provides revolving access to money without a repayment period.
Unlike business or auto loans, whose terms dictate how the funds will be spent, personal loan funds can be used for any purpose by the borrower.
Because personal loans are very flexible and not tied to a specific purchase or goal, they are often unsecured. This means that the loan is not tied to any real assets, such as a home mortgage or car loan. If a personal loan is to be secured by collateral, this should be specified in the contract.
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Lender: [ADDRESS] of mailing address [NAME OF LENDER] agrees to make a loan to the Borrower on the following terms:
2. Amount of debt. The total amount received from the Lender to the Borrower is $[AMOUNT] (“Loaned Money”).
☐ – express interest. Borrowed money earns interest at a compound rate of [#]%: (select one)
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☐ – Don’t be interested. No interest is charged on borrowed money. The borrower’s only obligation to the lender is to repay the principal.
4. term. The total amount borrowed, including principal and interest, is due on [DATE] (the “Due Date”).
5. Payments. The borrower agrees to repay the loan to the lender according to the following payment schedule: (select one)
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☐ – Weekly payments. The Borrower agrees to pay the Lender by [DAY] of each week.
☐ – Monthly payments. The Borrower agrees to pay the Lender on [DAY] of each month.
Hereinafter referred to as “Payment Schedule”. All payments made by the borrower are applied first to any accrued interest and second to principal.
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6. Late Payment. If the Borrower is more than [#] days late with any payment, it shall be considered delinquent. If the payment is late, the borrower: (select one)
☐ – late fees will be charged. The Borrower will be charged a late fee in the amount of: [LATE DEPOSIT AMOUNT]
☐ – collateral protection. Borrower agrees to secure this Agreement by pledging the following security: [GIVE DESCRIPTION] (the “Security”).
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In the event that the Borrower does not fulfill its obligations under this Agreement, the Lender will take ownership of the collateral: (select one)
☐ – A promise is not a guarantee. This Agreement is not secured by any assets or property of the Borrower.
8. Acceleration. The lender has the right to declare the amount of the loan immediately due and payable, together with the interest due, if any event occurs:
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A) late payment. If any payment is late, it is more than 15 days according to the payment schedule;
C) security. If the pledged assets or properties are transferred or sold as part of this agreement.
9. Variation. If any provision of this Agreement or its application is for any reason and to any extent invalid or unenforceable, the remainder of this Agreement shall not affect the applicability of that provision to other persons, entities or circumstances. does not affect , but instead to the maximum extent permitted by law.
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10. Applicable Law. This Agreement shall be interpreted and governed by the laws of the country of [Applicable Law] (“Applicable Law”).
IN WITNESS WHEREOF, Borrower and Lender have executed this Agreement on the day and year above.
A guarantor named [GUARANTEE NAME] agrees to pay the amount borrowed, including principal and interest, in the event of default by the borrower. The Guarantor agrees to be personally liable for the terms and obligations of the Lender in this Agreement.
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