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  • iLawyer

    [THE ONLINE DOCUMENT BUILDER]

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Generate your own legal
Loan Agreement
document online now and set the terms of loaning and repaying money.

30 Minutes to complete      Pay R699 online      Customised legal document emailed to you.

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Frequently Asked Questions

What is a Loan Agreement?

A Loan Agreement is a contract that both a Lender and Borrower sign confirming that the Lender is loaning the Borrower money that needs to be repaid and how that money will be repaid.

If you’ve ever loaned money and not been repaid, you understand the need for a Loan Agreement. A legally-binding Loan Agreement not only maps out the terms of the loan but also protects you if the Borrower defaults on the loan and fails to pay you back as agreed.

How do I get a Loan Agreement?

It’s easy to make a Loan Agreement on iLawyer.

Just answer a few crucial questions, and we’ll generate the proper legal language for your contract. Before you write your own Loan Agreement, you should know some of the basic details that are included. For example, you’ll need to identify who the lender and borrower are, and you should know the general terms and conditions of your loan, such as, how much money you are lending, and what your expectations are for being paid back.

Click the CREATE DOCUMENT NOW button at the top of this page to start building your quality personalised Loan Agreement.

Then, complete our Online Questionnaire, make payment, and your customised Loan Agreement will be emailed to you within 30 minutes.

What types of terms are in this Loan Agreement?

iLawyer’s Loan Agreement is very flexible and easy to use. Even though it is easy to make the document, you’ll need to gather a bit of information to make the process go faster.

    • Contact information
      • The legal name of the borrower and the lender.
    • Repayment options
      • You’ll need to decide when payments are due or if you want the loan to be repaid in one lump sum.
    • Interest
      • Not everyone charges interest on a loan, but you can if you want to get paid back more than you loaned. You’ll also need to decide how you want the interest paid and if there will be any benefits to the Borrower if they pay the loan balance early.
    • Late fees and consequences of defaulting
      • You’ll need to decide when payments are considered late and the amount of the late fee if any. If the borrower violates the terms of the agreement, you can define what happens if they default (such as transferring the ownership of collateral to you.)
    • Surety
      • A Surety (or cosigner) is someone who is willing to take over payment responsibility for the loan with the Borrower if the Borrower defaults or is unable to pay.  A Surety is used to secure loans.
    • Loan sales
      • You can include a provision in the agreement that allows the lender to sell the loan.

                What is the difference between a "Loan Agreement" and a "Promissory Note"?

                Essentially, a Loan Agreement and Promissory Note serve the same purpose as both are written agreements for loans, but a Loan Agreement typically contains more formalities and is more detailed than a Promissory Note.

                This Loan Agreement can be used as a Loan Agreement or a Promissory Note.

                When do I need a Loan Agreement?

                Whether you are the Lender or the Borrower you want the security of a contract that governs the repayments of money.

                It also allows the Lender and the Borrower to know what their obligations are and to avoid disputes.

                Is a Loan Agreement from iLawyer legally binding?

                If the document is signed, it is legally binding and valid.

                Can a Loan Agreement contract be signed electronically?

                Yes.

                iLawyer’s Loan Agreement contains a clause that confirms the document can be signed in one or more “counterparts”.  This means the parties to the agreement can sign it separately and send each other copies of their signed contract by email.

                Do you need a lawyer for an Loan Agreement contract?

                No, there is no legislation or legal requirement that a Lawyer draft or prepare a Loan Agreement, so the Loan Agreement you make with iLawyer will be valid and binding when the parties sign it.

                 

                ANY QUESTIONS?  GET IN TOUCH.

                 

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