Protect yourself if you intend to borrow money or borrow with this loan agreement. This simple loan agreement contains everything necessary to protect the borrower and lender and ensures that both parties comply with the law. It includes repayment details, borrower guarantees, obligations and restrictions imposed on the borrower, as well as termination of the loan agreement. The term is the period during which the borrower must repay his loan to the lender. If the lender issues a refund notification, the borrower must repay the loan within a specified period of time after receiving the notification. These loan agreements also specify the situations in which the loan is repaid immediately to the lender, for example. B if the agreement is violated, if the borrower has financial problems, etc. The right to bankruptcy and liquidation is very complicated. There are rules for the priority order of the various creditors. A creditor agreement in which the document is registered with Companies House prevails over non-registered employees. Oddly enough, it is the company that is legally required to register any tax or debt, although the registration protects the creditor. Guarantee The version with the guarantee contains a third-party guarantee to guarantee the repayment of the loan.
The surety is a designated part of the loan and signs it with the lender and borrower. If the borrower does not pay, the guarantor must repay on his behalf. Loan contracts govern the granting of long-term loans from one party to the next. Simply Docs loan contracts cover the legal and practical considerations required for small to medium credit for certain periods. For a secure loan against tangible assets of all sizes and types, such as. For example, a car, warehouse, equipment or fixed installation. If you borrow or borrow money, it is essential that a comprehensive agreement be reached. Simply-Docs offers a limited choice of secured loan contracts, including a bond, which is a fixed and variable charge for a borrower`s assets, and a director`s credit contract that is guaranteed on the director`s field. We also offer personal loan contracts – a fixed-rate loan and an interest-free contract. Security The version certainly contains a special clause for one or more items that must be provided by the borrower as collateral against the loan amount.
A secured loan is the case where the borrower promises the lender a property or other asset as collateral for the loan. This means that the lender can take over ownership of this asset if the borrower does not delay the loan. Even if you trust the person you are lending to, you should write down the agreement. Whether you want to formalize lender money to a family member for a deposit on a property, help a business partner in case of short-term cash flow problems or register a loan between subsidiaries, we have a suitable model. NOTE: This agreement should not be governed by the Consumer Credit Act of 1974, which requires companies that lend money to consumers to receive a licence from the Fair Trade Office. This agreement is not intended for consumption; Trade without a permit is punishable and may result in a fine and/or imprisonment. If you need an agreement with more protection for the lender, please read other documents in this file, including the abbreviated version of the loan agreement. Another step would be some security against the loan – see the loan contracts guaranteed on it. Please note that if it is signed on behalf of a company, the document should be signed twice; either by two directors or by a director and a secretary of the company, unless the company is a one-person business. Please note that if you want a secure loan, you must create a separate “security document” – please contact a lawyer when creating the security document.