Loan agreement is a legal document or contract that binds two parties, the lender and the borrower. The contract serves as a record of the implementation of the rules and regulation in regards with the money transaction.
This list of 7+ Loan Contract Sample Agreements will give you insights on how a loan agreement format should look like. However, the templates provided can also be useful as it can be edited and downloaded for free.
Student Loan Agreement Contract
Building Loan Agreement Contract
Vehicle Loan Agreement Contract in PDF
Secured Loan Agreement Contract
What Is the Purpose of the Loan Agreement?
As I have mentioned above, it serves a legal binding between two parties, making the transaction’s term applicable to all that is involved with the transaction. However, there are other reasons as to why this agreement is so significant:
- It documents the money transaction being made, such as money loan.
- It serves as an inventory with the company’s cash flow.
- It will give a guarantee or assurance that the borrower will comprehend with the agreement, such as paying the loan on time.
- It indicates the acceptance of the loan offer.
- If there are any misunderstandings or disputes in regards with the agreement within the transaction, then this agreement will serve as an evidence tool, to be presented during a legal procedure.
Two Types of Loans
This type of loan is far less complicated than its opposite, the syndicate type of loan. It only involves one lender and the risk of the processes are more risky, since it does not restrict the borrower from obtaining additional loans. These types of loans are usually providing offshore trading transactions.
Also known as a syndicated bank facility, is a type of loan that is being handled and offered by a group of lenders. The process involves a group of people or lenders sharing their funds, in order for a single borrower to loan, this usually occurs when a single lender could not provide the amount of the borrower.
For more legal agreement templates, you might want to check out these Independent Contractor Agreements. It provides functional samples that can be used for your contractual agreements, since the list have several free downloadable and editable templates.
Loan Agreement Contract in PDF
Loan Contract and Trust Agreement
Individual Loan Agreement Contract Form
Simple Loan Agreement Contract
What Are the Contents of a Loan Agreement?
Forms of loan agreements may vary, depending on the nature of the transaction; however, the characteristics of a generic loan agreement are similar and so are the contents that are embodied on it. Here are some important elements to consider in creating a loan agreement:
- basic information of the borrower
- the lending company’s identity such as logos or company name
- terms and conditions
- payments provisions
- interest and interest provisions
- pre-payment and cancellation provisions
- waiver provisions
- borrower warrants
- rendition of the lender
- rendition of the borrower
- counterparts article
- language provisions
- forum selection article
- severability clause
For more agreement sample templates, such as agreement letters for construction contractors, you might want to see Construction Contractor Agreements. It provides useful contents, as its sample templates can be downloaded and edited for free.
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