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Common Loan Agreement for the United States

Common Loan Agreement Template for United States

A Common Loan Agreement is a legally binding document used in the United States that establishes the terms and conditions under which a lender provides funds to a borrower. It outlines the loan amount, interest rate, repayment schedule, default provisions, and any security arrangements. The agreement complies with federal regulations including TILA and ECOA, as well as applicable state usury laws and consumer protection requirements.

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Common Loan Agreement

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What is a Common Loan Agreement?

The Common Loan Agreement serves as the primary documentation for lending transactions in the United States, whether for commercial or consumer purposes. This contract type is essential for establishing clear terms, protecting both parties' interests, and ensuring regulatory compliance. It includes crucial elements such as loan amount, interest calculations, repayment terms, default provisions, and remedies. The agreement must comply with federal lending laws and state-specific requirements, making it a comprehensive tool for managing lending relationships and mitigating risks.

What sections should be included in a Common Loan Agreement?

1. Parties: Identification of lender and borrower with complete legal details

2. Background: Context of the loan and purpose

3. Definitions: Key terms used throughout the agreement

4. Loan Amount and Terms: Principal amount, interest rate, and repayment terms

5. Repayment Provisions: Schedule and methods of repayment

6. Events of Default: Circumstances constituting default and consequences

7. Representations and Warranties: Statements of fact by borrower regarding their situation

What sections are optional to include in a Common Loan Agreement?

1. Security: Details of collateral if loan is secured - use for secured loans only

2. Guarantees: Terms of any guarantees provided - include when third-party guarantees are involved

3. Insurance Requirements: Required insurance coverage for collateral - include for secured loans with valuable collateral

4. Prepayment Provisions: Terms for early repayment - include when early repayment is allowed with specific conditions

What schedules should be included in a Common Loan Agreement?

1. Repayment Schedule: Detailed schedule of payment dates and amounts

2. Security Details: Detailed description of any collateral

3. Calculation of Interest: Method and examples of interest calculations

4. Required Forms: Standard forms required by regulations

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓÆµ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Jurisdiction

United States

Document Type

Loan Agreement

Sector

Banking

Cost

Free to use
Clauses

























Industries

Truth in Lending Act (TILA) and Regulation Z: Federal law requiring disclosure of key terms and costs in consumer credit transactions, including standardized calculation of Annual Percentage Rate (APR)

Equal Credit Opportunity Act (ECOA): Federal law prohibiting discrimination in lending based on race, color, religion, sex, age, and other protected characteristics, while mandating fair lending practices

Fair Credit Reporting Act (FCRA): Federal law regulating the collection and use of consumer credit information, including credit checks and reporting requirements

Dodd-Frank Act: Federal law establishing additional consumer protections and Consumer Financial Protection Bureau (CFPB) oversight in lending practices

State Usury Laws: State-specific laws governing maximum permissible interest rates, with varying rules for consumer and commercial loans

State Disclosure Requirements: State-specific mandatory disclosures and cooling-off periods that may be required in addition to federal requirements

State Securities Laws: State-specific regulations that may apply if the loan agreement could be considered a security

State Consumer Protection Laws: State-specific consumer protection measures that may provide additional protections beyond federal requirements

Uniform Commercial Code (UCC): Model code adopted by states governing commercial transactions, particularly Article 3 (Negotiable Instruments) and Article 9 (Secured Transactions)

Bankruptcy Code: Federal law affecting loan enforceability, collection rights, and automatic stay provisions in case of borrower bankruptcy

Federal Reserve Regulations: Various regulations issued by the Federal Reserve that affect lending practices and compliance requirements

Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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