The Simple Interest Loan Agreement is essential for documenting lending arrangements where interest accrues only on the principal amount, not on previously accumulated interest. This type of agreement is commonly used in the United States for personal loans, business financing, and asset purchases. It must comply with federal regulations such as the Truth in Lending Act and state-specific usury laws. The agreement includes crucial details about loan terms, interest calculations, repayment schedules, and the rights and obligations of all parties involved.
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Key Requirements PROMPT example:
Simple Interest Loan Agreement
"I need a Simple Interest Loan Agreement for a $50,000 business loan to be repaid over 36 months, starting March 1, 2025, with a 6% annual interest rate and monthly payments, including an option for early repayment without penalty."
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1. Parties: Identifies lender and borrower with full legal names and addresses
2. Background: Brief context of the loan arrangement and purpose
3. Definitions: Key terms used throughout the agreement including 'Interest Rate', 'Principal', 'Maturity Date'
4. Loan Amount and Interest: Principal amount, interest rate calculation method, and total amount payable
5. Repayment Terms: Payment schedule, amounts, methods of payment, and due dates
6. Default Provisions: Circumstances constituting default and consequences of missed payments or breach
7. Representations and Warranties: Statements of fact and promises made by borrower regarding their ability to repay
8. Governing Law: Jurisdiction and state laws governing the agreement
9. Signatures: Execution block for all parties with date and witness provisions
1. Security: Details of any collateral securing the loan, including description and valuation
2. Guarantor Provisions: Terms of guarantee and obligations of any third-party guarantors
3. Insurance Requirements: Required insurance coverage for any collateral or life insurance requirements
4. Prepayment Terms: Conditions and penalties (if any) for early repayment of the loan
1. Schedule A - Payment Schedule: Detailed repayment timeline with amounts, including principal and interest breakdown
2. Schedule B - Truth in Lending Disclosure: Federal required lending disclosures including APR and finance charges
3. Schedule C - Collateral Description: Detailed description of security including serial numbers, titles, or other identifying information
4. Schedule D - Notice of Right to Cancel: Required notice for consumer loans detailing the right to cancel within specified timeframe
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