This Peer to Peer Lending Agreement is designed for use in South Africa where private lending activities are regulated under the National Credit Act and related financial services legislation. The document is suitable for both individual and corporate lenders/borrowers engaging in direct lending transactions, whether through online platforms or direct arrangements. It incorporates mandatory provisions required by South African law, including interest rate caps, disclosure requirements, and consumer protection measures. The agreement is particularly relevant in the context of alternative financing solutions and the growing P2P lending market in South Africa, providing a legally compliant framework for documenting loan terms, security arrangements, repayment obligations, and default remedies.
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1. Parties: Identifies and provides full details of the Lender and Borrower, including their legal capacity to contract
2. Background: Explains the context of the agreement and the parties' intention to enter into a P2P lending arrangement
3. Definitions and Interpretation: Defines key terms used in the agreement and sets out rules for interpretation
4. Loan Amount and Purpose: Specifies the loan amount and its intended use, as required by the National Credit Act
5. Interest Rate and Charges: Details the interest rate, calculation method, and any permitted charges in compliance with NCA caps
6. Repayment Terms: Specifies repayment schedule, payment methods, and installment amounts
7. Representations and Warranties: States the parties' representations regarding their capacity, authority, and financial status
8. Borrower's Obligations: Lists the borrower's obligations including payment, information provision, and compliance requirements
9. Events of Default: Defines what constitutes default and the consequences thereof
10. Remedies: Outlines the lender's rights and remedies in case of default
11. Notices: Specifies how formal communications between parties should be made
12. General Provisions: Includes standard clauses on governing law, jurisdiction, and entire agreement
1. Security: Used when the loan is secured by collateral, detailing the assets provided as security
2. Guarantor Provisions: Required when a third party guarantees the loan, setting out guarantor obligations
3. Early Repayment: Details terms for early loan settlement, if permitted
4. Insurance Requirements: Included when specific insurance coverage is required for the loan
5. Assignment and Transfer: Used when rights to the loan may be transferred to other parties
6. Electronic Communications: Required when parties agree to use electronic means for formal communications
7. Alternative Dispute Resolution: Optional clause for specifying mediation or arbitration as dispute resolution methods
1. Loan Details Schedule: Detailed breakdown of loan amount, interest rate, fees, and repayment schedule
2. Payment Schedule: Amortization table showing all scheduled payments, interest, and principal amounts
3. Security Details: Description and valuation of any security/collateral provided
4. Disclosure Statement: Mandatory NCA pre-agreement disclosure of credit costs and terms
5. Know Your Customer Documentation: List of required identity and verification documents as per FICA
6. Direct Debit Authorization: Authorization for automatic payment collections if applicable
Authors
Relevant legal definitions
Clauses
Relevant Industries
Financial Services
Banking
Alternative Lending
Fintech
Retail Banking
Small Business Finance
Consumer Finance
Microfinance
Private Lending
Investment Services
Relevant Teams
Legal
Compliance
Risk Management
Credit
Finance
Treasury
Operations
Collections
Customer Due Diligence
Portfolio Management
Relevant Roles
Credit Manager
Legal Counsel
Compliance Officer
Risk Manager
Financial Advisor
Loan Officer
Credit Analyst
Contract Administrator
Finance Director
Treasury Manager
Debt Collection Officer
Portfolio Manager
Alternative Investment Manager
P2P Platform Manager
Customer Due Diligence Officer
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