Simple Loan Agreement Template

SIMPLE'LOAN'AG REEM ENT '
1. Parties:+The+undersigned+is+______________________,+the+Borrower,+and+the+Lender+is+
_______________________________________.+
2. Date+of+Agreement:+________________________________________________.+
3. Promise+to+Pay:+Within+_____+months+from+today,+Borrower+promises+to+pay+to+
Lender____________________ _____+dollars+($_______)+and+interest+as+well+as+other+charges+
avowed+below.+
4. Accountability:+Although+th is+a g re ement+m a y+be+signed +b e lo w+by+mo r e+t h a n +o n e +person,+each+of+
the+undersign ed +understands+that+they+are+ea ch+a s+individ ua ls+respo ns ible+an d+jointly+a nd +
severally+liable+for+paying+back+the+full+amount.+
5. Breakdown+of+Loan:+Borrower+will+pay:++
Amount+of+Loan:+$__________+
Other+(Describe)+$__________+
Amount+financed:+$__________+
Finance+charge:+$__________+
Total+of+payments:+$__________+
ANNUAL+PERCENTAGE+RATE________________%+
6. Repayment:+Borrower+will+pay+back+in+the+fo llo w in g +m a n n er :+B or ro w e r+w ill+r ep a y+t h e+a mount+of +
this+note+in+_____ eq ua l+continuous +monthly+installments+of+$____________+each+on+the+_____+
day+of+each+month+preliminary+on+the+_____day+of+_______,+20____,+and+ending+on+_________,+
20____.+
7. Prepayment:+Borrower+has+the+right+to+pay+back+the+whole+exceptional+amount+at+any+time.+If+
Borrower+pays+before+time,+or+if+this+loan +is +re f in a n c e d +o r +re p l a ce d+by+a+ne w+note,+L e n d e r+will+
refund+the+un ea rne d+fina nc e+ch arge ,+figured +by +the+Ru le+o f+78\a+com monly+used+formula+for+
figuring+rebates +on +insta llm en t+loan s. +
8. Late+Charge:+Any+payment+not+remunerated+within+ten+(10)+days+of+its+due+date+shall+be+subject+
to+a+belatedly+charge+of+5%+of+the+payment,+not+to+exceed+$____________+for+any+such+late+
installm en t .+
9. Security:+To+protect+Lender,+Borrower+gives+what+is+known+as+a+security+interest+or+mortgage+in:+
[Describe:]+
__________________________________________________________________________+
___________________________________________________________________________+
___________________________________________________________________________+
___________________________________________________________________________+
10. Default:+If+for+any+r ea s o n +B o rro wer+not+succeeds+to+make +any +pay m en t+on +time,+Bo rro w er+sha ll+
be+in+default.+The+Lender+can+then+order+instant+payment+of+the+entire+remaining+unpaid+balance+
of+this+loan,+without+giving+anyone+further+notices.+If+Borrowe r+h as +no t+p a id +the +fu ll+amount+of +
the+loan+whe n+th e+fina l+paym e nt+is+du e,+the +Len de r+will+charg e+Bo rrow e r+intere st+on +the+u np aid+
balance+at+______+percent+(%)+per+year.+
11. Collection+fees:+If+this+note+is+placed+with+a+legal+re p re se n ta tiv e +fo r+colle ction ,+then +Bo rrow e r+
agrees+to+pay+an+attorney's+fee+of+fifteen+percent+(15%)+of+the+voluntary+balance.+This+fee+will+be+
added+to+the+unpaid+balance+of+the+loan.+
12. Co\borrowers:+Any+Co\borrowers+signing+this+agreement+agree+to+be+likewise+accountable+with+
the+borrow er+for+th is+loan.+
+
Simple Loan Agreement Template
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