Written Loan Agreements - what should be in a loan agreement
If you are drawing up a written agreement here are some pointers to remember.
- Put the full names & addresses of the people entering into the agreement.
- Put the full details of any price agreed or any other arrangements agreed.
- If interest is to be paid on any outstanding amounts then put down full details of the interest rate.
- If a debt is to be paid by instalments put down full details of the amounts to be repaid, on what dates and when the first and last payments are to be made. If payments are to be made by standing order or some other arrangement then include details.
- If security is to be given for a loan put down full details of the security (e.g. property).
- If the people entering into the agreement have taken legal advice about the agreement this should be stated in the agreement.
- The agreement should be signed & dated by the parties.
- The signatures of the parties should be witnessed by an independent 3rd party who should give their full details & address.
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