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Letter Of Loan Agreement Between Friends

Letter Of Loan Agreement Between Friends Template for Hong Kong

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Letter Of Loan Agreement Between Friends

"I need a Letter of Loan Agreement Between Friends for lending HKD 50,000 to my friend for their business startup, with monthly repayments over 12 months starting March 2025, including a 2% interest rate."

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Document background
The Letter of Loan Agreement Between Friends serves as a crucial document for individuals in Hong Kong who wish to formalize personal lending arrangements with friends or acquaintances. This document type bridges the gap between informal verbal agreements and formal commercial loans, providing legal protection while maintaining the friendly nature of the transaction. It's particularly useful when lending significant sums of money to friends, as it helps prevent misunderstandings and provides a clear record of the arrangement. The agreement must comply with Hong Kong's Contract Law and Money Lenders Ordinance, while remaining accessible and understandable to individuals without legal expertise. Typical use cases include loans for education, property down payments, business startups, or personal emergencies.
Suggested Sections

1. Parties: Full names and addresses of the lender and borrower

2. Background: Brief context explaining the friendly nature of the loan and the relationship between parties

3. Definitions: Key terms used in the agreement including 'Loan Amount', 'Interest Rate' (if any), 'Repayment Date'

4. Loan Details: Specific amount being lent, date of disbursement, and method of transfer

5. Repayment Terms: When and how the loan will be repaid, including payment schedule if applicable

6. Interest: Whether interest applies, and if so, the rate and calculation method

7. Signatures: Space for both parties to sign and date the agreement

Optional Sections

1. Early Repayment: Terms for early repayment if permitted - include when early repayment might be desired

2. Late Payment: Consequences of late payment - include if there's concern about timely repayment

3. Security: Details of any assets provided as security - include if the loan is secured

4. Default: What constitutes default and consequences - include for larger loan amounts

5. Dispute Resolution: How disputes will be handled - include for larger loans or complex arrangements

6. Witnesses: Space for witness signatures - include if additional formality is desired

Suggested Schedules

1. Repayment Schedule: Detailed breakdown of repayment dates and amounts if installment payments are agreed

2. Security Details: Detailed description of any security/collateral if applicable

3. Communication Records: Prior written communications or agreements regarding the loan terms

Authors

Alex Denne

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

alex.den.21@genieai.co
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Personal Finance

Private Lending

Individual Services

Small Business

Real Estate

Education

Healthcare

Retail

Professional Services

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Legal

Finance

Compliance

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Corporate Services

Wealth Management

Relevant Roles

Legal Counsel

Personal Financial Advisor

Wealth Manager

Tax Consultant

Financial Planner

Accountant

Compliance Officer

Risk Manager

Document Controller

Paralegal

Contract Administrator

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