The Friendly Loan Agreement is designed for use in Australia when individuals wish to formalize a lending arrangement while maintaining a personal or informal relationship. This document type bridges the gap between completely informal lending and commercial loans, providing legal protection while avoiding the complexity of commercial lending documents. The agreement includes essential elements such as loan amount, repayment terms, and any applicable interest, while complying with Australian contract law requirements. It's particularly useful when lending between family members, friends, or small business associates where parties want to maintain clear records and prevent future misunderstandings while avoiding formal financial institutions. The Friendly Loan Agreement should be used whenever any significant sum is being lent, even between close relations, to ensure both parties' interests are protected and expectations are clearly documented.
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1. Parties: Identification of the Lender and Borrower with full legal names and addresses
2. Background: Brief context of the friendly loan arrangement and relationship between parties
3. Definitions: Clear explanations of key terms used in the agreement
4. Loan Amount: Specification of the principal amount being lent
5. Interest: Whether interest applies, and if so, the rate and calculation method
6. Repayment Terms: Details of how and when the loan will be repaid, including payment schedule
7. Method of Payment: Acceptable payment methods and payment processing details
8. Early Repayment: Terms regarding early repayment of the loan
9. Default: What constitutes a default and its consequences
10. Governing Law: Specification that Australian law governs the agreement
11. Execution: Signature blocks for both parties and witness requirements
1. Security: Details of any assets provided as security for the loan - include when the loan is secured
2. Interest Rate Variation: Terms for changing the interest rate - include when interest rate may change during loan term
3. Late Payment: Consequences and any fees for late payments - include when parties want formal late payment terms
4. Dispute Resolution: Process for resolving disagreements - include for larger loan amounts
5. Assignment: Whether the loan can be assigned to other parties - include for longer-term loans
6. Guarantor: Details of any guarantee arrangement - include when a guarantor is involved
7. Privacy: How personal information will be handled - include when significant personal information is shared
8. Force Majeure: Provisions for unforeseen circumstances - include for longer-term or larger loans
1. Schedule 1 - Payment Schedule: Detailed breakdown of payment dates and amounts
2. Schedule 2 - Security Details: Description of any security offered (if applicable)
3. Appendix A - Loan Calculator: Spreadsheet or calculation method for interest and payments
4. Appendix B - Direct Debit Authority: Form for setting up automatic payments if agreed
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