Loan Agreement (promissory note)

The Borrower

Who is the Borrower?

Who is the Borrower? Business EntityIndividual(s)

How many Individuals?

Borrower (Business Entity)

Business's Name

Who is Signing on behalf of the Business Entity?

First

Last

This individual must have the authority to borrow money on behalf of the business.

What is their Title?

What is their Title? CEOPresidentVice PresidentOfficerOther

Their title within the business

Title

Borrower (Individuals)

Borrower's Name

First

Last

2nd Borrower's Name

First

Last

3rd Borrower's Name

First

Last

4th Borrower's Name

First

Last

5th Borrower's Name

First

Last

Borrower's Mailing Address

Do you know the Borrower's Mailing Address?

Do you know the Borrower's Mailing Address? YesNo

Borrower's Mailing Address

Street Address

Address Line 2

City

State

ZIP Code

Enter the Loan Amount:

The amount of money being borrowed.

This loan is:

This loan is: Secured - An asset is pledged as security for repayment.Unsecured - Nothing is pledged.

It's recommended to have debt be secured. This means that if the Borrower fails to pay the money back the Lender would get the secured property (i.e. vehicle, jewelry, real estate, etc.)

Enter the Security that will be Provided by the Borrower

Interest Rate

Enter 0% if there is no interest. The Maximum Interest Rate (%) a lender may charge is set by the State's Usury Laws.

The Lender

Who is the Lender?

Who is the Lender? Business EntityIndividual(s)

How many Individuals?

Business Entity (Lender)

Business Entity's Name

Who is Signing on behalf of the Business Entity?

First

Last

What is their Title?

What is their Title? CEOPresidentVice PresidentOfficerOther

Title

Individual(s) (Lender)

Lender's Name

First

Last

2nd Lender's Name

First

Last

3rd Lender's Name

First

Last

4th Lender's Name

First

Last

5th Lender's Name

First

Last

Lender's Mailing Address

Do you know the Lender's Mailing Address?

Do you know the Lender's Mailing Address? YesNo

Lender's Mailing Address

Street Address

Address Line 2

City

State

ZIP Code

Start Date

When will the Borrower RECEIVE the money?

Scheduled Payments

Will the Borrower re-pay the Lender in Scheduled Payments?

Will the Borrower re-pay the Lender in Scheduled Payments? YesNo

A repayment schedule consists of payments made by the Borrower on a weekly or monthly basis.

Scheduled Payments will be:

Scheduled Payments will be: Principal + InterestInterest Only

First (1st) Payment is Due on

Date when the Borrower is required to start making scheduled payments to the Lender.

Afterward, Payments will be made every

Afterward, Payments will be made every Every WeekEvery MonthEvery QuarterOther

Select the payment schedule.

Which Day of the Week is Payment Due?

Payment is Due on the _______________________ of the Month

Describe the Payment Schedule

Installments

Do You Wish To Specify the Exact Amount Due Each Installment?

Do You Wish To Specify the Exact Amount Due Each Installment? YesNo

If you select "No" the form will state all payments due are "equal installments." This means the amount due on the specified basis will be a number that is equal to the total debt divided by the total number of payments.

Enter the Amount Due Each Installment

Enter the dollar amount due at each installment period.

Due Date

Final Payment is due by

Late Fee

Will there be a Late Fee ($) charged to the Borrower if a payment is late?

Will there be a Late Fee ($) charged to the Borrower if a payment is late? YesNo

Late Fee shall be a

Late Fee shall be a ($) Dollar Amount(%) Percentage of the Payment Owed(%) Percentage of the Total BalanceOther

Enter the Amount

$US Dollars

Enter the Percentage

This is on the payment due and not the balance owed. So if the interest rate is 1% and a payment of $1,000 is late, the fee would be $10.

Enter the Percentage

This is calculated as the principal balance owed. So if the interest rate is 1% and the balance is $10,000 the late fee would equal $100.

The Late Payment shall be calculated as:

Late Fee is calculated as

Late Fee is calculated as Every Day Payment is LateAs a 1-Time Fee when Payment is Late

Interest Rate (Late Payment)

Will there be a higher interest rate (%) for money not paid on-time?

Will there be a higher interest rate (%) for money not paid on-time? YesNo, the Interest Rate will stay the same

Enter the Increased Interest Rate

Calculated per annum.

Pre-Payment Penalty

Will there be a Pre-Payment Penalty?

Will there be a Pre-Payment Penalty? YesNo

This is a fee that is paid by the Borrower if they should pay-off the note before it's due.

The Pre-Payment Penalty will be described as a

The Pre-Payment Penalty will be described as a ($) Dollar Amount(%) Percentage of the Remaining Principal Balance(%) Percentage of the Total Loan AmountOther

The Pre-Payment Penalty is a one (1) time fee that is paid by the Borrower.

Enter Percentage

Penalty Amount

The Pre-Payment Penalty shall be calculated as:

Guarantor

Will anyone be "Guaranteeing" this Note?

Will anyone be "Guaranteeing" this Note? YesNo

A Guarantor, also known as a Co-Signer, is someone else other than the borrower that will be guaranteeing the payment of this note including any interest, late fees, etc.

How many Guarantors?

Guarantor(s) Name(s)

Guarantor's Name

First

Last

2nd Guarantor's Name

First

Last

Additional Terms

Would you like any additional terms or conditions?

Would you like any additional terms or conditions? YesNo

Please explain any additional terms or conditions:

State

Where will this Agreement be signed?

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