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:

LENDER Details:

Name: Mr. Tim Bradley

Phone number: 4740370935

Residential address: G-90, second floor, Jackson tower, P Street, Manchester

BORROWER Details:

Name: Mr. Peter Radcliff

Phone number: 427050505

Residential address: S/78, friend’s tower, Canterbury Street, Manchester

Details of the Loan:

Amount: $5000

Interest: 4%

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.

Signatures:

Tim Bradley

Peter Radcliff

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