The Simple Loan Agreement Between Friends serves as a crucial tool for individuals in the United States who wish to formalize personal lending arrangements. This document helps prevent misunderstandings and potential disputes by clearly outlining the terms of the loan, including the amount, repayment schedule, and any interest charges. It's particularly important when the loan amount exceeds $500, as many state laws require written documentation under the Statute of Frauds. While maintaining the informal nature of a friendship, this agreement provides legal protection for both parties and helps ensure compliance with state usury laws and federal regulations.
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1. Parties: Identifies lender and borrower with full legal names and addresses
2. Background: Brief context of the loan arrangement between friends
3. Definitions: Key terms used throughout the agreement
4. Loan Amount and Purpose: Specifies principal amount and intended use of funds
5. Repayment Terms: Details payment schedule, amounts, and method
6. Interest Rate: Specifies any applicable interest rate
7. Default Provisions: Consequences of missed payments or breach
8. Signatures: Execution by both parties
1. Security/Collateral: Details of any assets securing the loan - use when loan is secured by specific assets
2. Early Repayment: Terms for paying loan before scheduled date - use when allowing early repayment options
3. Late Payment Penalties: Additional charges for late payments - use when implementing late payment consequences
4. Dispute Resolution: Process for resolving disagreements - use for larger loans or complex arrangements
1. Payment Schedule: Detailed breakdown of payment dates and amounts
2. Loan Amortization Table: If applicable, shows breakdown of principal and interest payments
3. Collateral Documentation: If secured, details of assets serving as collateral
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