The Basic Loan Agreement Between Friends is designed for situations where individuals wish to formalize personal lending arrangements within the United States legal framework. This document type bridges the gap between informal personal loans and formal commercial lending, providing necessary legal protection while maintaining the cooperative nature of friendly arrangements. It's particularly useful when lending substantial amounts that warrant proper documentation, or when parties want to ensure clear understanding of repayment terms. The agreement complies with state-specific usury laws and federal regulations while remaining accessible for personal use. It includes core elements such as loan amount, repayment schedule, and interest rates (if any), with flexibility to add provisions for collateral or early repayment. This template is commonly used for personal loans ranging from small to significant amounts, where the parties have a pre-existing relationship but wish to protect their interests through proper documentation.
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1. Parties: Identifies the lender and borrower with their full legal names and addresses
2. Background: Brief context of the friendly loan arrangement and the parties' relationship
3. Definitions: Defines key terms used in the agreement for clarity
4. Loan Amount and Purpose: Specifies the exact amount being borrowed and its intended use
5. Interest Rate: States the agreed interest rate (if any) and compliance with applicable usury laws
6. Repayment Terms: Details the repayment schedule, including payment amounts and due dates
7. Method of Payment: Specifies how payments will be made (e.g., bank transfer, check)
8. Default: Defines what constitutes a default and its consequences
9. Governing Law: Specifies that the agreement is governed by the laws of the relevant US state
10. Signatures: Space for both parties to sign and date the agreement
1. Collateral: Used when specific assets are pledged as security for the loan
2. Early Repayment: Include when parties want to specify terms for early loan repayment
3. Late Payment Penalties: Used when parties agree to penalties for missed or late payments
4. Death or Incapacity: Include when parties want to address loan handling in case of death or incapacity
5. Dispute Resolution: Used when parties want to specify mediation or arbitration before legal action
6. Loan Acceleration: Include when lender wants right to demand full repayment under certain conditions
7. Assignment: Used when parties want to address whether the loan can be transferred to other parties
1. Schedule A - Payment Schedule: Detailed breakdown of payment dates and amounts
2. Schedule B - Collateral Description: Detailed description of any assets provided as security (if applicable)
3. Appendix 1 - Proof of Funds: Copy of check, transfer receipt or other proof of loan disbursement
4. Appendix 2 - Special Conditions: Any unique terms or conditions specific to this loan arrangement
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