Personal Loan Contract

Individual loan agreement

As a rule, the agreement is subject to the general principles of contract law. As well as the information contained in this document, you will receive separate pre-contract information about your personal credit agreement. Uncovered and personal credit agreements - what needs to be taken into account?

Template for personal credit agreement

Under the agreement, the funds are disbursed to the borrowers in a flat-rate amount at a specified date. Redemption will also take place on a set date. There is, however, a clause which allows the creditor to request reimbursement of the loan at any moment by giving notification in writing.

There is no interest on the loan in the contract. See Personal Credit Arrangement (with Interest) for such an arrangement. When you need a contract with more cover for the creditor, please note other documentation in this file, especially the summary of the loan contract.

Another stage would be to provide collateral against the loan - see the loan contracts for this.

Contract of loan - template, online sample

You can use this paper to prepare a legal paper that defines the loan agreement between an individual or company. If you are granting a one-time loan to a friend or relative or between business, you can use this form. The loan may be customised to represent a straightforward loan to be repaid on call or a loan with a specific maturity where payment is made in instalments and may contain other items such as guarantees and/or collateral for the loan.

You should review this privacy statement thoroughly. Subsequently, each signatory should subscribe and send back a copy, and once it has been subscribed, each signatory should be given a copy. Borrowing should then be brought forward to the date specified in the arrangement and reimbursement will begin in accordance with the conditions of the arrangement.

Where the loan is to be guaranteed, the surety and the creditor should also conclude the contract of suretyship annexed to the deed. In the event either of the Parties intends to change the Arrangement in the near term, all the Parties should so do and this Arrangement and the changes should be set forth in written form and should be mutually agreed by all the Parties.

When signing on name of a corporation, please be aware that the documents should be double sided, either by two principals or by one principal and one corporate executive, except in the case of a single partnership. As a rule, the contract is governed by the general rules of contract-law. Attention is drawn to the fact that Section 6 of the Statute of Limitations 1980, which concerns the period within which a loan, even those recognised by a borrower's note, may be executed, must also be taken into account.

Lastly, creditors should consider the Financial Services and Markets Act 2000 in order to establish whether they need to be eligible to grant the loan in respect thereof, in particular where they grant regular credit or grant the loan for commercial use. Your documents are produced before your eye as you answer the interview form.

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