Personal loan agreement contract is a kind of an agreement contract which is made in the case when a person takes a personal loan from a bank or any other source. These contracts are formed between the borrower and the lender and are legally binding documents which consist of enforceable terms and conditions which must not be violated by the parties that are involved.
Personal loan agreement contracts consist of many details such as the details of the parties, details of the loan and other terms and conditions. The following is a personal loan agreement contract which can be used for reference.
Sample Personal Loan Agreement Contract
Effective date of the contract: 1st May 2012
Effective term of the contract: 24 months
Termination date of the contract: 1st May 2014
This is a personal loan agreement contract that has been made by and between the LENDER and the BORROWER. Their details are mentioned below:
Name: Mr. Tim Bradley
Phone number: 4740370935
Residential address: G-90, second floor, Jackson tower, P Street, Manchester
Name: Mr. Peter Radcliff
Phone number: 427050505
Residential address: S/78, friend’s tower, Canterbury Street, Manchester
Details of the Loan:
Type: personal loan
The BORROWER has borrowed a sum of $5000 from the LENDER for a period of 2 years at an interest rate of 4%
The following are the terms and conditions of the contract:
- The LENDER agrees to loan the amount to the BORROWER.
- The BORROWER must pay back the loan amount along with the interest on the termination date.
- If the BORROWER fails to make the payment, then he/she can be implicated by law.
- The LENDER holds the right to sue the BORROWER in case he/she fails to return the money back with its interest.