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Online Loan Agreement

Online Loan Agreement Template for Germany

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Key Requirements PROMPT example:

Online Loan Agreement

"I need an Online Loan Agreement under German law for a consumer lending platform that will offer personal loans up to €50,000, with integration requirements for our digital banking platform and specific provisions for credit scoring through our partnered credit rating agency."

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Document background
This Online Loan Agreement template is specifically designed for digital lending operations in Germany, providing a legally compliant framework for loans originated through online platforms. It addresses the requirements of the German Civil Code (BGB), Banking Act (KWG), and relevant EU regulations including GDPR. The agreement is particularly relevant for financial institutions and FinTech companies offering digital lending services, incorporating necessary provisions for electronic execution, mandatory consumer protection clauses, and data privacy requirements. This template should be used when establishing loan relationships through digital channels, ensuring proper documentation of loan terms, interest rates, repayment schedules, and borrower rights while maintaining compliance with German digital banking regulations.
Suggested Sections

1. Parties: Identification of the lender and borrower with full legal names and addresses

2. Background: Context of the loan agreement and purpose of the facility

3. Definitions: Definitions of key terms used throughout the agreement

4. Loan Amount and Purpose: Specification of the loan amount, currency, and permitted use

5. Interest Rate and Charges: Details of interest rate, calculation method, and any applicable fees

6. Repayment Terms: Schedule of repayments, payment methods, and early repayment provisions

7. Disbursement: Conditions and process for loan disbursement

8. Representations and Warranties: Borrower's confirmations regarding their financial status and ability to repay

9. Online Platform and Security: Provisions regarding the use of online platform, security measures, and access

10. Data Protection: Handling of personal data and privacy compliance measures

11. Default and Consequences: Events of default and resulting actions

12. Right of Withdrawal: Consumer's right to withdraw from the agreement within the statutory period

13. Governing Law and Jurisdiction: Confirmation of German law application and jurisdiction

Optional Sections

1. Guarantees: Required when the loan is secured by a personal guarantee

2. Collateral: Required when the loan is secured by specific assets

3. Insurance Requirements: Required when specific insurance coverage is mandatory for the loan

4. Special Drawdown Conditions: Required for loans with multiple tranches or special disbursement conditions

5. Electronic Communication Consent: Required when specific consent for electronic communications is needed beyond standard online banking

6. Third-Party Authorization: Required when third parties are authorized to act on behalf of the borrower

7. Special Repayment Terms: Required when offering flexible repayment options or special repayment schemes

Suggested Schedules

1. Schedule 1 - Repayment Schedule: Detailed breakdown of repayment dates and amounts

2. Schedule 2 - Fee Schedule: Comprehensive list of all applicable fees and charges

3. Schedule 3 - Interest Calculation Examples: Examples showing interest calculation methods

4. Appendix A - Terms of Online Platform Use: Detailed terms and conditions for using the online loan platform

5. Appendix B - Privacy Notice: Detailed privacy policy and data protection information

6. Appendix C - Withdrawal Form: Standard form for exercising right of withdrawal

7. Appendix D - Direct Debit Authorization: Form for setting up automatic payment arrangements

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant legal definitions
Account
Agreement
Annual Percentage Rate (APR)
Authentication Credentials
Authorized User
Banking Day
Borrower
Business Day
Collateral
Confidential Information
Credit Assessment
Default
Digital Platform
Direct Debit
Disbursement Date
Due Date
Early Repayment
Electronic Communication
Electronic Signature
Event of Default
Fee Schedule
Interest Period
Interest Rate
Lender
Loan
Loan Account
Loan Amount
Loan Term
Material Adverse Change
Online Banking System
Password
Payment Date
Personal Data
Platform Provider
Principal
Privacy Policy
Repayment Schedule
Right of Withdrawal
Secure Access
Security Credentials
Statement of Account
Terms and Conditions
Transaction
Two-Factor Authentication
User ID
Withdrawal Period
Relevant Industries

Banking & Financial Services

Financial Technology (FinTech)

E-commerce

Consumer Finance

Small Business Lending

Digital Banking

Retail Banking

Commercial Banking

Relevant Teams

Legal

Compliance

Credit Risk

Digital Banking

Lending Operations

Product Development

Customer Service

Risk Management

Contract Administration

Digital Operations

Banking Operations

Relevant Roles

Legal Counsel

Compliance Officer

Credit Risk Manager

Digital Banking Manager

Loan Officer

Credit Analyst

Product Manager - Lending

Financial Services Manager

Digital Operations Manager

Customer Service Manager

Risk Assessment Officer

Contract Administrator

Banking Operations Manager

FinTech Product Owner

Industries
German Civil Code (Bürgerliches Gesetzbuch - BGB): Core legislation governing contract formation, loan agreements (§§ 488-507), and general contractual obligations
German Consumer Credit Act (Verbraucherkreditgesetz): Specific regulations for consumer credit agreements, including mandatory information requirements and right of withdrawal
German Banking Act (Kreditwesengesetz - KWG): Regulations regarding banking operations and financial services, including licensing requirements and supervision
Telemedia Act (Telemediengesetz - TMG): Legal framework for electronic commerce and online services, including requirements for online contracts
General Data Protection Regulation (GDPR/DSGVO): Requirements for processing personal data, including data collection, storage, and privacy notices
Money Laundering Act (Geldwäschegesetz - GwG): Requirements for customer identification and verification in financial transactions
Price Indication Regulation (Preisangabenverordnung - PAngV): Requirements for displaying interest rates, fees, and the annual percentage rate of charge (APR)
Distance Financial Services Act (Fernabsatzgesetz für Finanzdienstleistungen): Specific requirements for financial services contracts concluded at a distance, including pre-contractual information
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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