The Friendly Loan Agreement serves as a vital tool for individuals in England and Wales who wish to lend money to friends, family members, or associates while maintaining clear terms and legal protection. This document is particularly useful when the lending arrangement is informal but parties still desire written documentation of their understanding. While less complex than commercial loan agreements, it includes essential elements such as loan amount, repayment schedule, and any interest arrangements. The agreement helps prevent future disputes while preserving the informal nature of the arrangement.
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1. Parties: Identifies lender and borrower with full legal names and addresses
2. Background: Brief context of the friendly loan arrangement
3. Definitions: Key terms used in the agreement
4. Loan Amount: Specifies the principal sum being lent
5. Repayment Terms: Details of how and when the loan will be repaid
6. Interest: Whether interest applies and if so, the rate and calculation method
7. Governing Law: Confirms English and Welsh law governs the agreement
1. Security: Details of any assets provided as security for the loan
2. Early Repayment: Terms and conditions for early repayment of the loan
3. Default Provisions: Consequences and procedures in case of missed payments or default
4. Assignment: Provisions regarding the transfer of rights under the agreement
1. Repayment Schedule: Detailed breakdown of payment dates and amounts
2. Security Details: Detailed description of any security provided for the loan
3. Signature Page: Formal execution page for all parties to sign
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