Unsecured loan agreement

Person to person; private or business
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Key features

This agreement can be used in any situation where the lender does not require or is willing to forgo security in case of default.
Compliant
Compliant with the latest law in
  • England & Wales
  • Scotland
Document propertied
Document properties
  • Length:6 pages (1520 words)
  • Available in:
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About this document

An unsecured loan is used when the lender is confident that the borrower will repay.

The main reasons to record the terms in a document are to prevent a disagreement later, and to allow the lender to seek recourse if the loan is not repaid.

This document could be used for loans:

  • between family members or friends

  • between a company and a director

  • between a partner and a partnership business

If you are a director or shareholder, lending to or borrowing from your company, then a written agreement will ensure the arrangement is clear to other directors, shareholders and HMRC.

The purpose of the loan does not affect the terms of the agreement. You could be lending a friend money for short-term expenses, such as wedding costs, or to a business on a longer term.

Contents

This agreement contains all the terms you would expect as standard in this type of unsecured agreement:

  • Structure of the loan

  • Alternative draw down arrangements

  • Provisions of information to lender

  • Repayment and interest payment arrangements

  • Method of payment

  • Provision for default situations

  • Borrower's warranties

  • 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.

Sample unsecured loan agreementSample page from the unsecured loan agreement

Recent reviews

Great Service
05 August 2024
The document and company was easy to find on Google. The template was easy to use with the guidance notes. It seems to cover a reasonable range of scenarios, including what I needed. The price was fair and support seemed to be available, but I didn't need it. Overall I'm very pleased. Thanks.
Glynn Lloyd
Impressed Overall
25 March 2023
I was impressed that Net Lawman gives you a number of options so you can initially target exactly the document you need. The editing process and notes are clear and easy to follow so you can edit the document to do exactly what you want. Thoroughly recommend Net Lawman and will use again in the future without hesitation.
Vince Nicholls
Perfect For My Needs
17 December 2021
Easy to understand template for a starter company like us. Great service as well - sorted out an issue I had promptly. Great that it incorporated Scottish Law. Loan agreement between myself and my limited company - sorted!
Sharon Jamieson
Read all 23 reviews

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