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A loan agreement is a contract that assures the borrower and lender to fulfil their respective responsibilities under the terms & conditions. A Loan agreement defines what both parties have agreed to, preserves the interests of both, and protects against fraud or disagreements. In addition to specifying terms such as how much has been borrowed, when payments are due, interest rate if relevant etc., it includes provisions covering risk protection for individual-debtor in case something happens before payment was returned to the borrower.
A Loan Agreement is an illustration of what has been promised.
Frequently Asked Question
What We Include in a Loan Agreement
- The financial table;
- Reimbursements of the loan amount;
- Interest;
- Payments and charges;
- Account declarations;
- Enforcement costs if the borrower non-payment on loan;
- Variations and waivers; and
- The relevant data statement and other legal notices.
What is the difference between a Loan Agreement and a Promissory Note?
A Loan Agreement is usually chosen for more complex dealings as it includes more in-depth info about how the loan will be repaid.
A Promissory Note is generally used for crude and unsophisticated loan terms, for example, loans among friends or family members.
If you need a customized Promissory Note. Please contact us
Does a Loan Agreement need to be notarized?
Generally, a Loan Agreement does not have to be notarized for it to be legally binding. Still, the benefit of having a notary sign your document is that it strengthens its legality in any unexpected situation.
Remember that depending on the type of the loan and the agreement’s authority, it may be compulsory to have your document notarized or signed by witnesses.
Applicable Law
Our Loan Agreement is customizable for the following states in Australia:
- Australian Capital Territory (ACT)
- New South Wales (NSW)
- Northern Territory (NT)
- Queensland (QLD)
- South Australia (SA)
- Tasmania (TAS)
- Victoria (VIC)
- Western Australia (WA)