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A loan agreement should be structured to include information about the borrower and the lender, the loan amount, and repayment terms, including interest charges and a timeline for repaying the loan. It should also spell out penalties for late payments or default and should be clear about expectations between parties.
Include key terms of the loan, such as the lender and borrower's contact information, the reason for the loan, what is being loaned, the interest rate, the repayment plan, what would happen if the borrower can't make the payments, and more. The amount of the loan, also known as the principal amount.
However, the do-it-yourself approach is perfectly acceptable and just as legally enforceable. Once you have both agreed on the terms, you may want to have the personal loan contract notarized or ask a third party to act as a witness during the signing.
What a personal loan agreement should include Legal names and address of both parties. Names and address of the loan cosigner (if applicable). Amount to be borrowed. Date the loan is to be provided. Repayment date. Interest rate to be charged (if applicable). Annual percentage rate (if applicable).
The purpose for which funds may be used. Loan funding mechanics, and applicable interest. Repayment obligations. Representations, warranties and undertakings.
What to include in your loan agreement? The amount of the loan, also known as the principal amount. The date of the creation of the loan agreement. The name, address, and contact information of the borrower. The name, address, and contact information of the lender.
A construction loan agreement is a legally binding contract between the lender and the borrower, detailing the promises and commitments both parties have to uphold through successful project completion.
Construction Loan Requirements Credit score: Most lenders will require you to have a minimum credit score of 620 or higher in order to qualify for a construction loan. Debt-to-income (DTI) ratio: Your lender will also look at your DTI ratio, which compares your recurring monthly debts to your gross monthly income.