Loan Agreement Sample Philippines

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Questions & answers

Loan agreements, promissory notes, and IOUs The most basic loan agreement is commonly called an "IOU." These are typically used between friends or relatives for small amounts of money, and simply state the dollar amount that is owed. They do not usually say when payment is due, nor include any interest provisions.
Consider including: Names and addresses of the parties to the agreement. Loan amount (principal). Interest rate. Repayment terms, including dates, and any late fees or penalties. Signature lines.
A loan agreement should accompany any loan of money. For loans by a commercial lender, the lender will provide the agreement. But for loans between friends or relatives, you will need to create your own loan agreement.
What should be in a personal loan contract? Names and addresses of the lender and the borrower. Information about the loan cosigner, if applicable. Amount borrowed. Date the loan was provided. Expected repayment date. Interest rate, if applicable. Annual percentage rate (APR), if applicable.
While without notarization a loan agreement is valid, notarization makes it legally binding and enforceable.
Get It in Writing Your name and the borrower's name. The date the loan was granted. The amount of money being lent. Minimum monthly payment. Payment due date. Interest rate, if you're charging interest. Consequences for defaulting on the loan.