Personal Loan Agreement: Between
Personal Loan Agreement: Between
Personal Loan Agreement: Between
BETWEEN
____________________ hereinafter referred to as the “Borrower” with a street address of
___________________________________________________________________________________.
AND
____________________ hereinafter referred to as the “Lender” with a street address of
___________________________________________________________________________________.
Promise to Pay:
Within _______ months from today, Borrower promises to pay the Lender_________________________ pesos
(P_______) and interest as well as other charges avowed below.
Liability:
Although more than one person may sign this agreement below, each of the undersigned understands that they are
each as individuals responsible and jointly and severally liable for paying back the full amount.
Amount of Loan: P__________
Repayment of Loan:
Borrower will pay back in the following manner: Borrower will repay the amount of this note in five years.
Prepayment of Loan:
Borrower has the right to pay back the whole exceptional amount at any time. If Borrower pays before time, or if
this loan is refinanced or replaced by a new note, Lender will refund the unearned finance charge, figured by the
Rule of 78-a commonly used formula for figuring rebates on installment loans.
Late Charges:
Any payment not remunerated within ________ (___) days of its due date shall be subject to a belatedly charge of
____% of the payment, not to exceed $____________ for any such late installment.
Security/Collateral:
To protect Lender, Borrower gives what is known as a security interest or mortgage in:
__________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
Failure to pay:
If for any reason Borrower not succeeds to make any payment on time, Borrower shall be in default. The Lender can
then order instant payment of the entire remaining unpaid balance of this loan, without giving anyone further
notices. If Borrower has not paid the full amount of the loan when the final payment is due, the Lender will charge
Borrower interest on the unpaid balance at ______ percent (%) per year.
Collection fees:
If this note is placed with a legal representative for collection, then Borrower agrees to pay an attorney's fee of
fifteen percent (15%) of the voluntary balance. This fee will be added to the unpaid balance of the loan.
Co-borrowers:
Any Co-borrowers signing this agreement agree to be likewise accountable with the borrower for this loan.
Borrower and Lender both agree to follow above mentioned terms and conditions.
______________________________ _______________________________
Borrower’s Signature Witness’s Signature
______________________________ _______________________________
Lender’s Signature Witness’s Signature