Simple Loan Repayment Agreement Template for Ireland

A comprehensive legal document governed by Irish law that establishes the terms and conditions for the repayment of a loan between two parties. The agreement details the loan amount, repayment schedule, interest rates, and obligations of both the lender and borrower. It includes provisions for default, early repayment, and dispute resolution, all structured in compliance with Irish financial regulations and consumer protection laws. The document provides legal certainty and protection for both parties while ensuring adherence to Irish banking and lending requirements.

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What is a Simple Loan Repayment Agreement?

The Simple Loan Repayment Agreement is a fundamental legal document used in Ireland to formalize lending arrangements between parties. This document is essential when any loan is made, whether between individuals, companies, or financial institutions. It provides a clear framework for the repayment terms, protecting both lender and borrower interests under Irish law. The agreement includes crucial elements such as loan amount, interest rates, payment schedules, and default provisions, ensuring compliance with Irish financial regulations, including the Consumer Credit Act 1995 and relevant EU directives. It's particularly valuable for straightforward lending arrangements where parties need a clear, legally binding document that outlines all essential terms and conditions of the loan repayment.

What sections should be included in a Simple Loan Repayment Agreement?

1. Parties: Identifies and defines the Lender and Borrower with full legal names and addresses

2. Background: Explains the context of the loan agreement and the parties' intention to be legally bound

3. Definitions: Defines key terms used throughout the agreement for clarity and legal certainty

4. Loan Amount and Purpose: Specifies the principal amount being lent and the agreed purpose of the loan

5. Repayment Terms: Details the repayment schedule, including payment amounts, frequency, and duration

6. Interest: Specifies the interest rate, calculation method, and payment terms

7. Method of Payment: Establishes the approved payment methods and payment processing details

8. Early Repayment: Sets out terms and conditions for early repayment of the loan

9. Default and Remedies: Defines events of default and the lender's rights and remedies in such cases

10. Representations and Warranties: States the basic promises and assertions made by the borrower

11. Notices: Specifies how formal communications between parties should be made

12. Governing Law: Confirms Irish law as governing law and jurisdiction

13. Execution: Signature blocks and execution requirements

What sections are optional to include in a Simple Loan Repayment Agreement?

1. Security: Include when the loan is secured by any assets or guarantees

2. Insurance Requirements: Include when specific insurance must be maintained by the borrower

3. Late Payment Penalties: Include when specific late payment fees or penalties apply

4. Assignment: Include when either party needs the right to assign the agreement to others

5. Guarantor Provisions: Include when a guarantor is providing additional security for the loan

6. Data Protection: Include when personal data processing needs specific attention beyond standard terms

7. Force Majeure: Include when parties want specific provisions for unforeseen circumstances

8. Costs and Expenses: Include when legal or administrative costs need to be allocated between parties

What schedules should be included in a Simple Loan Repayment Agreement?

1. Schedule 1 - Repayment Schedule: Detailed amortization table showing payment dates, amounts, and interest calculations

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

3. Schedule 3 - Conditions Precedent: List of conditions that must be satisfied before the loan is advanced

4. Appendix A - Form of Notice: Template for formal notices between parties

5. Appendix B - Direct Debit Mandate: Standard form for setting up automatic payments (if applicable)

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

Jurisdiction

Ireland

Publisher

Genie AI

Document Type

Financing Agreement

Cost

Free to use

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