Standard loan agreement suitable for individuals and
businesses. Note, the loan is not secured, therefore this
agreement might be better suited to a borrower
About this document
There is little or no statutory regulation relating to an agreement of this nature, so the parties can make more or less what deal they choose. There are a very large number of variables and you can choose to settle your agreement to strongly favor one side without reducing the precision of the agreement.
As drawn, interest is charged on the loan (calculated at a monthly rate depending on the base rate from time to time of the Bank of Ireland). Repayment of the loan and interest is on a monthly basis although you can change this if another arrangement suits you better. The loan agreement allows the borrower to repay the loan and interest within a specified time or, the borrower may repay the loan and interest at any time by giving notice in writing to the lender or by paying a specified number of months interest.
Application
and features
Provides for alternative draw down arrangements and provision of information to the lender
Ready for adaptation to particular needs of either or both parties
Comprehensive provisions provide menu from which you can choose
Written in plain English
Contents
Structure of the loan
Alternative draw down arrangements
Provisions of information to lender
Repayment and interest payment arrangements
Method of payment
Provision for default situations
Borrower's warranties
Other legal provision to protect your interests
Word
Count (approximate):
Document: 1440
words
Explanatory notes:
320
words
Draftsman
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