This is a Personal Loan Agreement between individuals, this loan agreement shall be used in the simplest of situations, for example where money is loaned between friends or family. If you are planning to borrow or lend a sum of money from or to another person it is advisable to formally record the terms of the agreement in an enforceable contract.
The Personal Loan Agreement provides for a fixed-sum cash loan which is granted outside of the course of business of the lender. Please note: if lending is carried on by way of business then it is likely to be caught by the FCA's regulatory regime. This Personal Loan Agreement is not intended for consumer purposes, it is not suitable for a loan which is granted in the course of business (i.e. where the lender is in the business of lending or providing credit to consumers), the Consumer Credit Act 1974 and the Consumer Credit Act 2006 do not apply.
This Agreement offers flexibility, as it can be adapted (as appropriate) to reflect the requirements of the parties. It provides options for the money to be repaid by the borrower in one lump sum on a fixed date or in instalment payments. Also, the Agreement provides options for interest charges to be paid on the loan and security over the loan.
This Personal Loan Agreement contains the following clauses:
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Loan and Interest
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Conditions Precedent
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Payment
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Default
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Security
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Prepayment
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Costs
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Amendments
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Severability
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Binding Effect
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General Provisions
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Notices
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Entire Agreement
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Rights of Third Parties
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Assignment
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Further assurance
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Governing Law and Jurisdiction
SCHEDULE 1
This Personal Loan Agreement is in Microsoft Word format, written in plain English, easy to use and edit, it can be tailored to your specific needs.
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