Free loan agreement template 37
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Family Loan Agreement
1. Promise to Pay. For value received, _______________________, (the ‘Borrower’) promises to pay
__________________________ (the ‘Lender’) $__________ and interest at the yearly rate of ______% on
the unpaid balance as specified below.
2. Monthly Installments. Borrower will pay ____ monthly installments of $_______ each.
3. Date of Installment Payments. Borrower will make an installment payment on the ____th day of each
month beginning ____________, 20___ until the principal and interest have been paid in full.
4. Application of Payments. Payments will be applied first to interest and then to principal.
5. Prepayment. Borrower may prepay all or any part of the principal without penalty.
6. Loan Acceleration. If Borrower is more than ____ days late in making any payment, Lender may
declare that the entire balance of unpaid principal is due immediately, together with the interest that has
accrued.
7. Security. This is an unsecured note.
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