Personal Loan Contract - 4568 Downloads

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Personal Loan Contract
File Size: 30 KB
Downloads: 4568
Uploaded on: 2015-11-06 16:02:00
File Name: Personal-Loan-Contract.docx
Download: Free
There are only a few financial obligations as big as a personal loan. For consumers, it means taking one's credit in his or her own hands since failure to make good on the debt can have severe long-term repercussions. For lenders, it requires a leap of faith in hopes that all payments will be made in a prompt and timely manner. A personal loan contract helps to protect both sides from potential problems and also serves as a way to cement the terms of the loan.This contract usually begins with the total amount of the loan and the date that the term begins since these are two of the most important matters in handling such a loan. The personal loan contract form should also include space for the loan's annual percentage rate (APR) and the total cost of interest that the borrower will repay if all payments are made on time. Any finance or transaction fees should also be detailed, as should late fees. It is important to list all fees that might be charged to this loan in the contract, as failure to do so can potentially void the loan.This is an example of a typical contract offered with a personal loan. When creating your own, you could use this sample as a guideline but also make sure that any unique terms in your case are emphasized. This way, both parties are aware of how the loan differs from the norm.

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