Loan Contracts Between Friends have become increasingly common as individuals seek alternative lending sources outside traditional financial institutions. These agreements provide legal protection while maintaining the informal nature of personal relationships. The document should comply with state-specific usury laws and federal lending regulations in the United States. It typically includes loan amount, payment schedule, interest rates (if any), default provisions, and both parties' obligations. While maintaining simplicity, these contracts help prevent misunderstandings and provide legal recourse if needed.
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1. Parties: Identifies the lender and borrower with full legal names and addresses
2. Background: Brief context of the loan arrangement between friends
3. Definitions: Key terms used throughout the agreement
4. Loan Amount: Specific amount being borrowed
5. Interest Rate: Interest rate (if any) and calculation method
6. Repayment Terms: Payment schedule, amounts, and method of payment
7. Default Provisions: Consequences of missed payments or breach of contract
8. Signatures: Execution block for both parties
1. Collateral: Description of any assets securing the loan - include when the loan is secured by specific assets
2. Early Repayment: Terms for early loan repayment - include when early repayment is permitted
3. Late Payment Penalties: Additional charges for late payments - include when parties agree to late payment penalties
4. Dispute Resolution: Process for resolving disagreements - include when parties want to specify mediation or arbitration procedures
1. Payment Schedule: Detailed breakdown of payment dates and amounts
2. Collateral Description: Detailed description of any secured assets
3. Proof of Funds: Documentation showing source of loan funds
4. Amortization Schedule: Breakdown of interest and principal payments over time
Relevant legal definitions
Agreement
Borrower
Business Day
Collateral
Default
Default Rate
Due Date
Effective Date
Event of Default
Interest
Interest Rate
Lender
Loan
Loan Amount
Maturity Date
Payment Date
Payment Schedule
Principal
Repayment Terms
Term
Acceleration
Early Repayment
Grace Period
Late Payment Fee
Prepayment
Security Interest
Borrower
Business Day
Collateral
Default
Default Rate
Due Date
Effective Date
Event of Default
Interest
Interest Rate
Lender
Loan
Loan Amount
Maturity Date
Payment Date
Payment Schedule
Principal
Repayment Terms
Term
Acceleration
Early Repayment
Grace Period
Late Payment Fee
Prepayment
Security Interest
Clauses
Loan Amount and Purpose
Interest Rate
Repayment Terms
Payment Schedule
Default
Representations and Warranties
Notice
Amendment
Governing Law
Severability
Entire Agreement
Collateral
Security Interest
Early Repayment
Late Payment Penalties
Assignment
Dispute Resolution
Force Majeure
Acceleration
Tax Implications
Death or Incapacity
Witness Requirements
Notarization
Confidentiality
Waiver
Successors and Assigns
Interest Rate
Repayment Terms
Payment Schedule
Default
Representations and Warranties
Notice
Amendment
Governing Law
Severability
Entire Agreement
Collateral
Security Interest
Early Repayment
Late Payment Penalties
Assignment
Dispute Resolution
Force Majeure
Acceleration
Tax Implications
Death or Incapacity
Witness Requirements
Notarization
Confidentiality
Waiver
Successors and Assigns
Relevant Industries
Relevant Teams
Relevant Roles
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