Loan Agreement with Security

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This Loan Agreement can be used where the lender and borrower are either businesses or individuals. The agreement details all the necessary clauses, such the loan APR and repayment procedure & schedule and the stated purpose of the loan. To provide further protection for the lender the agreement also ensures that where a business is borrowing the necessary internal procedures have also been followed. This loan agreement also specifies situations where the loan will be immediately repayable to the lender, for example, where the agreement is breached, the borrower has financial problems etc.

This version of the Loan Agreement also includes a detailed clause for an item or items to be provided by the borrower as security against the loan amount.

Key clauses in this agreement include:

Variable APR for the loan.

Repayment schedule and final end date.

Facility to repay early on giving the lender notice.

Default interest rate if loan not paid by due date.

Detailed representations, warranties and undertakings to be given and made by the borrower.

Immediate repayment in full in the event of default.

Fees and expenses related to the loan.