Loan agreement
Document overview
England & Wales
Scotland
- Length:10 pages (3430 words)
- Available in:
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About this document
In this agreement, the loan is provided to an individual, and secured by the borrower either taking physical possession of assets, or by leaving the assets in place and describing them in detail in this document so that there can be no dispute as to what is charged.
In addition, we have also included an optional provision to include a third party guarantor. That may be a more powerful incentive for the borrower than other forms of security.
The reason for lending is not important. The borrower may wish to buy a high value item such as a car, or consolidate existing debts, or use the money to start a business.
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You may also consider a deal where you lend based on a guarantee from a third party only. This may be particularly the case where the resale value of the asset on which the loan is secured may be uncertain, or the asset may be difficult to sell quickly. The agreement here suits that situation.
Contents
Definitions and important interpretation provisions
Borrower’s warranties
Amount of loan and how advanced
The security
Interest payable
Repayment provisions
What happens if things go wrong - notices, consequences and so on
The third party guarantee
A round up of legal matters
Drawn outside the Consumer Credit Act 1974, this agreement is not suitable for companies in the business of lending or providing credit to consumers.
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