The Simple Loan Agreement Between Friends is designed for situations where individuals wish to formalize a personal lending arrangement in Australia. This document bridges the gap between informal lending and commercial loans, providing a legally sound framework while maintaining the flexibility needed for personal arrangements. It's particularly useful when friends or acquaintances want to ensure clear understanding and avoid future disputes over loan terms. The agreement incorporates essential elements required by Australian contract law and consumer protection regulations, while remaining accessible to those without legal expertise. Suitable for loans of any size, it includes customizable sections for interest rates, repayment schedules, and security arrangements, while maintaining compliance with Australian lending regulations and civil law requirements.
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1. Parties: Identifies and provides full details of the lender and borrower
2. Background: Brief context of the loan arrangement between the friends
3. Definitions: Defines key terms used throughout the agreement
4. Loan Amount and Purpose: Specifies the amount being lent and its intended use
5. Repayment Terms: Details of how and when the loan will be repaid, including payment schedule
6. Interest: Specifies whether interest applies, and if so, the rate and calculation method
7. Default and Consequences: Explains what constitutes a default and the resulting consequences
8. Representations and Warranties: Basic statements about the borrower's ability to repay and the truth of information provided
9. Record Keeping: Requirements for maintaining records of payments and communications
10. Dispute Resolution: Process for resolving any disagreements
11. Governing Law: Specifies that Australian law governs the agreement
12. Execution: Signature block and execution details
1. Security: Include when the loan is secured against specific assets
2. Early Repayment: Include when early repayment terms need to be specified
3. Late Payment Fees: Include when penalties for late payment are to be imposed
4. Assignment: Include when either party may need to transfer their rights under the agreement
5. Insurance: Include when insurance is required for secured assets or loan repayment
6. Guarantor: Include when a third party is guaranteeing the loan
7. Privacy and Confidentiality: Include when parties want to keep the loan details private
8. Force Majeure: Include when parties want to address unforeseen circumstances affecting repayment
1. Schedule 1 - Payment Schedule: Detailed breakdown of payment dates and amounts
2. Schedule 2 - Asset Register: List and description of any assets provided as security
3. Schedule 3 - Special Conditions: Any unique terms or conditions specific to this loan
4. Appendix A - Loan Calculator: Spreadsheet or calculation method for interest and payments
5. Appendix B - Communication Protocol: Agreed methods and timing of communications regarding the loan
Relevant legal definitions
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Financial Services
Legal Services
Private Lending
Personal Banking
Retail Banking
Consumer Services
Professional Services
Relevant Teams
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Compliance
Risk Management
Personal Banking
Private Client Services
Document Management
Advisory Services
Contract Administration
Relevant Roles
Legal Counsel
Personal Banking Advisor
Financial Advisor
Loan Officer
Compliance Officer
Contract Administrator
Legal Administrator
Paralegal
Private Client Manager
Relationship Manager
Risk Manager
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