Loan Agreements

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What is a Loan Agreement?

A loan agreement is a contract between two parties, the lender and the borrower. The terms of this type of legal arrangement are outlined in the document that establishes what will happen if the borrower does not pay back their debt. A typical loan agreement contains information such as: who is lending money to whom, how much money is involved, when it should be paid back by, an interest rate (how much extra money), and whether collateral must be provided. There are many different types of loans available to borrowers including auto loans car title loans, home equity lines of credit and student loans for just about every major expense you can think of!

Who needs a Loan Agreement?

Loan agreements are typically used by banks and other lending organizations to establish the amount, repayment schedule, and conditions or collateral for loans. The two primary types of loans are secured (in which case property is put up as collateral) and unsecured (in which case there is no such security). Loan repayments may be fixed interest rates, floating rates with variable margins, or some combination thereof. In addition to basic terms about borrowing money from someone else, some common provisions include the ability to make partial payments; penalties for late payment; requirements for maintaining insurance coverage on any vehicle involved in a collision.

A Loan Agreement will protect the lender and borrower equally.

Types Of Loan Agreements

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Student Loans

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Home equity loans

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Car loans

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Personal loans

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Demand Payment Letter FAQ

Whats the difference between a loan agreement and a promissory note?

In a loan agreement, there are restrictions on both parties but for promissory note, only the debtor has to agree to the terms.

What details should be included in a loan agreement?

The terms of the repayment including early repayment, late repayment and bankruptcy. 

State if the debt is transferable or not. 

Set a jurisdiction if courts are required. 

Define any collateral being offered in case of default.

Do I need a loan agreement?

Yes not having a loan agreement can result in loss of friendship, angry family and court.  Having a loan agreement outlines everyone’s responsibilities in writing to be an objective record in the future.  Getting a loan agreement is in the best interest of both the lender and the borrower! 

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What is A Loan Agreement In Canada? A loan agreement is a legally binding contract between two parties – the lender and borrower. The agreement outlines all of the terms involved in borrowing money from one party to another. This includes repayment schedules, interest...

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