Fillable Simple Loan Agreement printable pdf download

SIMPLE L OAN A GREEMENT

1. Parties: T he u ndersigned i s _ _____________________, t he B orrower, a nd t he L ender i s

_______________________________________.

2. Date o f A greement: _ _______________________________________________.

3. Promise t o P ay: W ithin _ ____ m onths f rom t oday, B orrower p romises t o p ay t o

Lender_________________________ d ollars ( $_______) a nd i nterest a s w ell a s o ther c harges

avowed b elow.

4. Accountability: A lthough t his a greement m ay b e s igned b elow b y m ore t han o ne p erson, e ach o f

the u ndersigned u nderstands t hat t hey a re e ach a s i ndividuals r esponsible a nd j ointly a nd

severally l iable f or p aying b ack t he f ull a mount.

5. Breakdown o f L oan: B orrower w ill p ay:

Amount o f L oan: $ __________

Other ( Describe) $ __________

Amount f inanced: $ __________

Finance c harge: $ __________

Total o f p ayments: $ __________

ANNUAL P ERCENTAGE R ATE________________%

6. Repayment: B orrower w ill p ay b ack i n t he f ollowing m anner: B orrower w ill r epay t he a mount o f

this n ote i n _ ____equal c ontinuous m onthly i nstallments o f $ ____________ e ach o n t he _ ____

day o f e ach m onth p reliminary o n t he _ ____day o f _ ______, 2 0____, a nd e nding o n _ ________,

20____.

7. Prepayment: B orrower h as t he r ight t o p ay b ack t he w hole e xceptional a mount a t a ny t ime. I f

Borrower p ays b efore t ime, o r i f t his l oan i s r efinanced o r r eplaced b y a n ew n ote, L ender w ill

refund t he u nearned f inance c harge, f igured b y t he R ule o f 7 8-‐a c ommonly u sed f ormula f or

figuring r ebates o n i nstallment l oans.

8. Late C harge: A ny p ayment n ot r emunerated w ithin t en ( 10) d ays o f i ts d ue d ate s hall b e s ubject

to a b elatedly c harge o f 5 % o f t he p ayment, n ot t o e xceed $ ____________ f or a ny s uch l ate

installment.

9. Security: T o p rotect L ender, B orrower g ives w hat i s k nown a s a s ecurity i nterest o r m ortgage i n:

[Describe:]

__________________________________________________________________________

___________________________________________________________________________

10. Default: I f f or a ny r eason B orrower n ot s ucceeds t o m ake a ny p ayment o n t ime, B orrower s hall

be i n d efault. T he L ender c an t hen o rder i nstant p ayment o f t he e ntire r emaining u npaid b alance

of t his l oan, w ithout g iving a nyone f urther n otices. I f B orrower h as n ot p aid t he f ull a mount o f

the l oan w hen t he f inal p ayment i s d ue, t he L ender w ill c harge B orrower i nterest o n t he u npaid

balance a t _ _____ p ercent ( %) p er y ear.

11. Collection f ees: I f t his n ote i s p laced w ith a l egal r epresentative f or c ollection, t hen B orrower

agrees t o p ay a n a ttorney's f ee o f f ifteen p ercent ( 15%) o f t he v oluntary b alance. T his f ee w ill b e

added t o t he u npaid b alance o f t he l oan.

12. Co-‐borrowers: A ny C o-‐borrowers s igning t his a greement a gree t o b e l ikewise a ccountable w ith

the b orrower f or t his l oan.

Simple Loan Agreement