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The Personal Loan Receipt is a fundamental document in Canadian lending practices, used to formalize and document the lending of money between parties. It serves as both a proof of loan disbursement and a simplified agreement outlining the terms of repayment. This document is particularly relevant when individuals or institutions need to document a personal loan transaction in compliance with Canadian federal and provincial regulations. The receipt typically includes essential information such as the loan amount, interest rate (subject to Criminal Code limitations), repayment schedule, and parties' details. While less complex than a full loan agreement, the Personal Loan Receipt still provides legal protection for both lender and borrower, making it suitable for both formal institutional lending and private lending arrangements. It's especially useful for smaller personal loans where a full loan agreement might be unnecessarily complex.

1. Date and Parties: Identifies the date of the loan and the full legal names and addresses of the lender and borrower

2. Loan Amount: Clearly states the principal amount borrowed in both numbers and words

3. Interest Rate: Specifies the agreed-upon interest rate, including the calculation method and frequency of compounding

4. Repayment Terms: Details of how and when the loan will be repaid, including payment schedule and amounts

5. Payment Method: Specifies acceptable payment methods and payment instructions

6. Acknowledgment: Borrower's acknowledgment of receiving the loan amount and agreement to the terms

7. Signatures: Space for dated signatures of both parties and witnesses if required