Document background
The Personal Loan Promissory Note is a fundamental document in Belgian personal lending transactions, used to formalize and evidence loan agreements between parties. It combines elements of a traditional promissory note with consumer protection requirements specific to Belgian law. This document is typically used when individuals borrow money from financial institutions or private lenders, providing a legally binding commitment to repay the borrowed amount according to specified terms. The document must comply with Belgian Civil Code requirements and consumer credit regulations, including mandatory disclosures, interest rate limitations, and cooling-off rights. It serves as both a proof of debt and a legally enforceable instrument, containing detailed information about the loan amount, interest rate, repayment schedule, and parties' obligations.
