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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, I promise 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, I understand that we are each as individuals
responsible for paying back the full amount.
5. Breakdown of Loan: This is what I will pay:
1. Amount of Loan: $__________
2. Other (Describe) $__________
3. Amount financed: $__________ (Add 1 and 2)
4. Finance charge: $__________
5. Total of payments: $__________ (Add 3 and 4)
ANNUAL PERCENTAGE RATE________________%
6. Repayment: This is how I will repay: I 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_______, 19____, and ending on _________, 19____.
7. Prepayment: I have the right to prepay the whole outstanding
amount at any time. If I do, or if this loan is refinanced-that
is, replaced by a new note-you 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: Tp protect lender, I give what is known as a security
interest or mortgage in: (Describe)
10. Default: If for any reason I fail to make any payment on
time, I 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 I have not paid the
full amount of the loan when the final payment is due, the lender
will charge me 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 laon from any deposit or security
I have with this lender without notice to me. If the lender gives
me an extension of time to pay this loan, I still must repay
the entire loan.
12. Collection fees: If this note is placed with an attorney
for collection, then I agree 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: If I am signing this agreement as a co-borrower,
I agree to be equally responsible with the borrower for this
loan.
Executed at _____ on ___, 20__
Borrower __________________________
Lender _____________________________
