Last revision: 02/24/2023
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A Certificate of Full Payment of Loan is issued by a lender to certify that a loan has been repaid in full and that the debt is settled. This generally means that the Borrower has finished paying the Lender back the amount of money that was originally owed, plus any accrued interest, if applicable. This creates a written record which can be used as evidence that the debt was fully settled.
How to use this document
The Lender should complete this document when they wish to release a borrower from any obligation that they are bound to by a loan agreement or a promissory note, or any other document that shows indebtedness. It is usually issued when the Borrower has finished paying the loan and any other amounts (such as interests or penalties) that is detailed by the loan agreement.
This document includes a provision releasing the Borrower from any future liability or debts resulting from the original loan agreement.
The Lender should complete the form and sign at the bottom. The Lender and Borrower should each keep a copy for their records.
The general law that governs contracts and obligations is the Civil Code of the Philippines.
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Other names for the document: Letter Certifying the Full Payment of Loan, Certificate of Full Payment, Release for Full Payment of Loan, Full Payment of Loan Certificate, Certificate of Payment of Loan in Full