Loan agreement
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Key features
It is likely to be used for loans to friends and arms length business deals.
England & Wales
Scotland
- Length:9 pages (2100 words)
- Available in:
Microsoft Word DOCX
Apple Pages
RTF
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About this document
A guarantor is a common form of security when the borrower does not own assets of sufficient value to provide an incentive to repay the loan on time and in full.
This agreement is suitable in situations where the lender, the borrower and the guarantor are all individuals - most likely when the borrower is a friend, distant relative or business partner of the lender. The guarantor could have any relationship to the borrower.
The purpose of the loan does not affect the terms of the agreement. For example, it could be used for:
a deposit on a house or flat
starting or financing a business
part purchase of a car or other high value item
repayment or consolidation of other debts
paying for a wedding party or other event
Either or both parties may be in the UK or abroad.
Similar agreements
If the parties have a high level of trust, we have another loan agreement between friends or family members.
Contents
Structure of the loan
Alternative draw down arrangements
Provision of information to lender
Repayment and interest payment arrangements
Provision for default situations
Guarantor liability
Borrower's warranties
Other important legal points
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