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The purpose of this document is to establish loan arrangement between two parties, whereby one Party (the Lender) undertakes to furnish a sum of money to the other Party (the Borrower) to be repaid over a defined period of time, usually at a rate of interest.
This document caters for the wide variety of circumstances, both business and personal, under which a loan agreement may be entered into.
It enables the user to clearly define the core terms of every loan agreement:
This Loan Agreement can be used between two individuals, such as a parent providing a loan for their child's education; between individuals and businesses or between two legal entities. The loan repayment, term and charges are easily adaptable to all sorts of arrangements.
How to Use this Document:
Ideally, this document should be filled out by both the Lender and Borrower working in consultation with each other. It is important that both Parties clearly understand their rights and obligations under the loan arrangement, and drafting the document together ensures its fairness and reduces the potential for disputes.
The information requested should be inputted accurately, especially with regards to dates, payment schedules and financial amounts. The Loan Agreement will bind the Parties for the duration of the loan arrangement and, in the event of early termination, thereafter too. As such it is important that the terms included can and will be followed by both Parties.
This document should be signed by both Parties or their authorized representatives.
A loan agreement is in one sense a basic contract between two parties, as such this document is written on the basis of the principles of Irish Contract Law. However, the legislature has created legislative interventions in respect of certain aspects of loans and financial products, which are relevant here too, such as the Consumer Protection Act and the Consumer Credit Act.
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