Loan Contracts Between Friends are essential documents for formalizing monetary arrangements between individuals in the United States. These agreements are particularly important when significant sums are involved, helping prevent misunderstandings and protecting both parties' interests. The document ensures compliance with state-specific usury laws and federal lending regulations while maintaining the informal nature of friendly arrangements. It's designed for situations where traditional bank loans aren't preferred or necessary, such as helping a friend start a business, buy a car, or manage temporary financial difficulties. The agreement includes clear terms for repayment, interest rates, default procedures, and dispute resolution, while using language that preserves the friendly nature of the relationship. This template is specifically crafted to be compliant with U.S. state and federal requirements while remaining accessible to non-legal professionals.
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1. Parties: Identifies and provides full legal names and addresses of the lender and borrower
2. Background: Brief context about the purpose of the loan and relationship between parties
3. Definitions: Defines key terms used throughout the agreement
4. Loan Amount and Purpose: Specifies the principal amount being lent and its intended use
5. Interest Rate: States the agreed interest rate and confirms it complies with applicable usury laws
6. Repayment Terms: Details the repayment schedule, including payment amounts, frequency, and duration
7. Method of Payment: Specifies acceptable payment methods and payment processing details
8. Prepayment: Addresses the borrower's right to prepay the loan and any associated conditions
9. Default: Defines what constitutes default and its consequences
10. Representations and Warranties: Basic statements about each party's capacity to enter into the agreement
11. Governing Law: Specifies which state's laws govern the agreement
12. Signatures: Space for dated signatures of both parties
1. Collateral: Include when the loan is secured by specific assets
2. Late Payment Fees: Include when parties agree to penalties for late payments
3. Guarantor: Include when a third party guarantees the loan
4. Insurance Requirements: Include when collateral must be insured
5. Acceleration Clause: Include when lender wants right to demand full repayment under certain conditions
6. Dispute Resolution: Include when parties want to specify mediation or arbitration procedures
7. Assignment: Include when parties want to address whether the loan can be transferred
8. Modification: Include when parties want to specify how changes to the agreement must be handled
1. Schedule A - Repayment Schedule: Detailed amortization table showing payment dates and amounts
2. Schedule B - Collateral Description: Detailed description of any assets securing the loan
3. Appendix 1 - Payment Instructions: Detailed payment processing instructions and bank details
4. Appendix 2 - Loan Calculator: Spreadsheet showing interest calculations and payment breakdowns
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