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Loan Contracts Between Friends for the United States

Loan Contracts Between Friends Template for United States

A legally binding loan agreement designed for use between friends or private individuals in the United States, compliant with federal and state lending laws. This document formalizes personal lending arrangements while maintaining the friendly nature of the transaction. It includes essential elements such as loan amount, interest rate (compliant with state usury laws), repayment terms, default provisions, and both parties' obligations. The agreement balances legal protection with maintaining personal relationships, incorporating necessary legal requirements while using clear, accessible language.

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What is a Loan Contracts Between Friends?

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.

What sections should be included in a Loan Contracts Between Friends?

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

What sections are optional to include in a Loan Contracts Between Friends?

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

What schedules should be included in a Loan Contracts Between Friends?

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

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
Relevant legal definitions






























Clauses






























Relevant Industries

Personal Finance

Private Lending

Real Estate

Small Business

Education

Healthcare

Retail

Professional Services

Construction

Entertainment

Relevant Teams

Legal

Compliance

Risk Management

Financial Advisory

Document Management

Wealth Management

Contract Administration

Relevant Roles

Personal Financial Advisor

Legal Counsel

Paralegal

Financial Planner

Risk Manager

Compliance Officer

Contract Administrator

Document Controller

Legal Document Specialist

Private Lending Consultant

Wealth Manager

Tax Advisor

Industries







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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