The Employee Loan Agreement And Promissory Note is essential when employers in England and Wales provide financial assistance to their employees through formal loans. This document serves dual purposes: it creates a legally enforceable loan agreement while incorporating a promissory note that evidences the debt. Typically used for employee relocation, professional development, or personal hardship situations, it protects both parties by clearly defining loan terms, repayment obligations, and the relationship to ongoing employment. The agreement must comply with UK employment law, consumer credit regulations, and financial services requirements.
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1. Parties: Identifies the employer (lender) and employee (borrower) with full legal names and addresses
2. Background: Explains the context of the loan and employment relationship
3. Definitions: Defines key terms used throughout the agreement
4. Loan Amount and Purpose: Specifies the loan amount and intended use
5. Repayment Terms: Details payment schedule, method, and duration
6. Interest Rate: Specifies interest rate and calculation method
7. Default Provisions: Outlines consequences of default and remedies
8. Termination of Employment: Addresses loan treatment upon employment termination
1. Security: Details any security or collateral for the loan - used for larger loans or higher-risk situations
2. Early Repayment: Terms for early loan repayment - included when early repayment option is offered
3. Insurance Requirements: Specifies required insurance coverage - used for larger loans or specific purposes
4. Tax Provisions: Addresses tax implications of the loan - particularly relevant for interest-free or below-market rate loans
1. Repayment Schedule: Detailed breakdown of payment dates and amounts
2. Loan Calculation Schedule: Shows interest calculations and total repayment amounts
3. Wage Deduction Authorization: Employee authorization for payroll deductions
4. Notice of Right to Cancel: Required consumer credit cooling-off period notice
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