The Letter of Loan Agreement Between Friends serves as a crucial document for individuals in Hong Kong who wish to formalize personal lending arrangements with friends or acquaintances. This document type bridges the gap between informal verbal agreements and formal commercial loans, providing legal protection while maintaining the friendly nature of the transaction. It's particularly useful when lending significant sums of money to friends, as it helps prevent misunderstandings and provides a clear record of the arrangement. The agreement must comply with Hong Kong's Contract Law and Money Lenders Ordinance, while remaining accessible and understandable to individuals without legal expertise. Typical use cases include loans for education, property down payments, business startups, or personal emergencies.
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1. Parties: Full names and addresses of the lender and borrower
2. Background: Brief context explaining the friendly nature of the loan and the relationship between parties
3. Definitions: Key terms used in the agreement including 'Loan Amount', 'Interest Rate' (if any), 'Repayment Date'
4. Loan Details: Specific amount being lent, date of disbursement, and method of transfer
5. Repayment Terms: When and how the loan will be repaid, including payment schedule if applicable
6. Interest: Whether interest applies, and if so, the rate and calculation method
7. Signatures: Space for both parties to sign and date the agreement
1. Early Repayment: Terms for early repayment if permitted - include when early repayment might be desired
2. Late Payment: Consequences of late payment - include if there's concern about timely repayment
3. Security: Details of any assets provided as security - include if the loan is secured
4. Default: What constitutes default and consequences - include for larger loan amounts
5. Dispute Resolution: How disputes will be handled - include for larger loans or complex arrangements
6. Witnesses: Space for witness signatures - include if additional formality is desired
1. Repayment Schedule: Detailed breakdown of repayment dates and amounts if installment payments are agreed
2. Security Details: Detailed description of any security/collateral if applicable
3. Communication Records: Prior written communications or agreements regarding the loan terms
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