CONSUMER LOAN AGREEMENT
1. Parties: The undersigned is
______________________, the Borrower, and the Lender is _______________________________________.
2. Date of Agreement: ________________________________________.
3. Promise to Pay: Within _____
months from today, Borrower promises to pay to Lender_________________________
dollars ($_______) and interest and other charges stated below.
4. Responsibility: Although this
agreement may be signed below by more than one person, each
of the undersigned understand that they are each as individuals
responsible and jointly and severally liable for paying back
the full amount.
5. Breakdown of Loan: Borrower
will pay:
Amount of Loan: $__________
Other (Describe) $__________
Amount financed: $__________
Finance charge: $__________
Total of payments: $__________
ANNUAL PERCENTAGE RATE________________%
6. Repayment: Borrower will repay
in the following manner: Borrower will repay the amount of this
note in _____equal uninterrupted monthly installments of $____________
each on the _____ day of each month starting on the _____day
of _______, 20____, and ending on _________, 20____.
7. Prepayment: Borrower has the
right to prepay the whole outstanding amount at any time. If
Borrower pays early, or if this loan is refinanced or replaced
by a new note, Lender will refund the unearned finance charge,
figured by the Rule of 78-a commonly used formula for figuring
rebates on installment loans.
8. Late Charge: Any installment
not paid within ten (10) days of its due date shall be subject
to a late charge of 5% of the payment, not to exceed $____________
for any such late installment.
9. Security: To protect Lender,
Borrower gives what is known as a security interest or mortgage
in: [Describe:] ____________________________________________________________
____________________________________________________________
____________________________________________________________
____________________________________________________________
10. Default: If for any reason
Borrower fails to make any payment on time, Borrower shall be
in default. The Lender can then demand immediate payment of
the entire remaining unpaid balance of this loan, without giving
anyone further notice. If Borrower has not paid the full amount
of the loan when the final payment is due, the Lender will charge
Borrower interest on the unpaid balance at ______ percent (
%) per year.
11. Right of Offset: If this loan
becomes past due, the Lender will have the right to pay this
loan from any deposit or security Borrower has with this lender
without notice to him/her.
If the Lender gives Borrower an extension of time to pay this
loan, he/she still must repay the entire loan.
12. Collection fees: If this note
is placed with an attorney for collection, then Borrower agrees
to pay an attorney's fee of fifteen percent (15%) of the unpaid
balance. This fee will be added to the unpaid balance of the
loan.
13. Co-borrowers: Any Co-borrowers
signing this agreement agree to be equally responsible with
the borrower for this loan.
Agreed To:
______________________________
Lender
______________________________
Borrower
______________________________
Borrower
