An Informal Loan Agreement is commonly used in Nigeria for documenting personal loans or small business financing arrangements where parties prefer a simpler alternative to formal bank lending. This document is particularly relevant when individuals or small businesses need to structure loans between private parties, family members, or informal business associates. The agreement ensures compliance with Nigerian contract law and financial regulations while maintaining accessibility and ease of use. It includes essential elements such as loan amount, interest rates (within legal limits), repayment terms, and basic protections for both parties. The document is especially useful in situations where the parties have a pre-existing relationship and want to formalize their lending arrangement without the complexity of institutional lending documentation.
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1. Parties: Identifies and provides full details of the lender and borrower, including names, addresses, and contact information
2. Background: Brief context explaining the purpose of the loan and relationship between parties
3. Definitions: Defines key terms used in the agreement for clarity
4. Loan Amount and Purpose: Specifies the principal amount being borrowed and its intended use
5. Interest Rate: States the agreed interest rate and how it is calculated
6. Repayment Terms: Details of how and when the loan will be repaid, including payment schedule
7. Default and Remedies: Explains what constitutes default and the lender's rights in such cases
8. Representations and Warranties: Basic statements about the borrower's ability to repay and legal capacity to enter the agreement
9. Governing Law: Confirms that Nigerian law governs the agreement
1. Security: Include when the loan is secured by any assets or guarantees
2. Early Repayment: Include when early repayment options are allowed, specifying any penalties or benefits
3. Insurance: Include when insurance is required to protect the loan
4. Assignment: Include when either party needs the right to transfer the loan to another party
5. Witness Statement: Include when formal witnessing is desired for additional legal protection
6. Force Majeure: Include when parties want to address circumstances beyond their control affecting repayment
7. Illiterate Jurat: Include when one or more parties cannot read or write, as required by Nigerian law
1. Repayment Schedule: Detailed breakdown of payment dates and amounts
2. Security Details: If applicable, detailed description of any assets or guarantees securing the loan
3. Proof of Identity: Copies of identification documents for all parties
4. Witness Details: If applicable, information about witnesses and their signatures
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