LOAN AGREEMENT
A loan agreement is a contract between a borrower and a lender, outlining the terms of a loan and its repayment. Specifcy your own loan amounts and interest rates.
LOAN AGREEMENT THIS AGREEMENT is made on the [DAY] of [MONTH] [YEAR] between: [NAME OF PARTY 1 (BORROWER)] residing at [ADDRESS 1] hereinafter referred to as "the Borrower”; and [NAME OF PARTY 2 (LENDER)] residing at [ADDRESS 2] hereinafter referred to as "the Lender", and together with Borrower the “Parties.” IN CONSIDERATION of the advancement of funds under the terms and conditions of this Agreement and other good and valuable consideration, the Parties agree as follows:
On the execution of this agreement the Lender agrees to lend to the Borrower the sum of [AMOUNT] ("the Loan") on the terms and conditions set out in this agreement. Interest on the Loan shall be calculated at a monthly rate of one twelfth of a nominal annual rate, the nominal annual rate being [PER CENT] per cent per annum and shall be charged on the balance of the Loan outstanding on a monthly basis. Said interest shall be payable by the Borrower to the Lender monthly in arrears.
The Borrower agrees to repay the Loan on demand. The monthly instalments of [MONTHLY AMOUNT] have been calculated to allow the Loan [and i