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Standard Loan Agreement Between Friends

Standard Loan Agreement Between Friends Template for Hong Kong

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Key Requirements PROMPT example:

Standard Loan Agreement Between Friends

I need a Standard Loan Agreement Between Friends for lending HKD 50,000 to my colleague without interest, to be repaid in full by March 2025, with the option for early repayment.

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Document background
The Standard Loan Agreement Between Friends is designed for use in Hong Kong when individuals wish to formalize a personal lending arrangement with someone they know. This document becomes particularly important when lending significant sums to ensure both parties' interests are protected while maintaining the friendly nature of the transaction. It complies with Hong Kong's legal requirements, including the Money Lenders Ordinance (Cap. 163) and basic contract law principles, while remaining accessible for personal use. The agreement includes essential elements such as loan amount, repayment schedule, interest provisions (if any), and basic legal protections, making it suitable for individuals who want to ensure their lending arrangement is properly documented without the complexity of commercial loan agreements.
Suggested Sections

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: Key terms used in the agreement including 'Loan Amount', 'Interest Rate', 'Repayment Date', etc.

4. Loan Details: Specific amount being lent and confirmation of receipt

5. Interest: Interest rate (if any) and calculation method

6. Repayment Terms: Payment schedule, method of payment, and due dates

7. Default: Consequences of missing payments or breaching agreement terms

8. Representations and Warranties: Basic statements confirming parties' capacity to enter agreement and borrower's ability to repay

9. Governing Law: Confirmation that Hong Kong law governs the agreement

10. Signatures: Execution section with date and signatures of both parties

Optional Sections

1. Security: Details of any assets provided as security for the loan - include if collateral is being offered

2. Early Repayment: Terms for early loan repayment - include if early repayment is allowed

3. Late Payment Interest: Additional interest charged for late payments - include if parties want this protection

4. Assignment: Whether the loan can be transferred to another party - include for larger loans

5. Witnesses: Space for witness signatures - recommended for larger loan amounts

6. Joint and Several Liability: Include if there are multiple borrowers who share responsibility for the loan

Suggested Schedules

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

2. Schedule 2 - Security Details: Description of any assets provided as security (if applicable)

3. Appendix A - Proof of Funds: Copy of bank transfer or other proof of loan disbursement

4. Appendix B - Identity Documents: Copies of Hong Kong ID cards or passport details of parties

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 Industries

Financial Services

Legal Services

Personal Banking

Private Lending

Wealth Management

Consumer Services

Real Estate

Small Business

Relevant Teams

Legal

Compliance

Personal Banking

Wealth Management

Risk Management

Consumer Banking

Document Management

Financial Advisory

Private Client Services

Relevant Roles

Personal Banking Advisor

Financial Planner

Legal Counsel

Paralegal

Wealth Manager

Financial Advisor

Consumer Banking Officer

Relationship Manager

Risk Management Officer

Compliance Officer

Personal Finance Consultant

Industries
Hong Kong Contract Law: Governs the formation and enforcement of contracts, including requirements for valid consideration, capacity to contract, and intention to create legal relations
Money Lenders Ordinance (Cap. 163): Regulates money lending transactions in Hong Kong, including requirements for documentation and maximum interest rates, though personal loans between friends may be exempt under certain conditions
Interest Rate Regulations under Cap. 163: Sets the maximum effective interest rate at 60% per annum, with loans exceeding this rate being unenforceable and potentially criminal
Limitation Ordinance (Cap. 347): Specifies the time limit (usually 6 years) for bringing legal action to recover debts or enforce loan agreements
Evidence Ordinance (Cap. 8): Governs the requirements for admissible evidence in case of disputes, including requirements for written documentation and proof of loan agreements
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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