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We engage a Law Firm to prepare your document based on the information provided. We then perform our final quality checks and email the completed document to you within 3 business days.
What do you do when you don’t get paid back or the borrower becomes insolvent?
Lending money can become problematic when the borrower refuses to repay the loan or becomes insolvent. Without a loan agreement in place, your efforts to recover the debt will likely result in court proceedings and expensive legal fees.
A loan agreement is a formal contract where a lender agrees to make a loan to a borrower on the condition that both parties comply with the contract terms. This ensures that both parties understand the terms of the arrangement and agree to be legally bound by those terms.
Arrow White can arrange for trusted and experienced commercial lawyers to create a loan agreement for you. Using this approach, the terms of your agreement will maximise your chance of having your loan repaid.
Some of the reasons you may need a loan agreement are because you are: starting a business, entering into a joint venture, lending money to a relative or purchasing assets.
How Does a Loan Agreement Work?
Generally, a letter of offer setting out the terms of the loan will be signed by both parties. The loan agreement should include terms stating the specific purpose for which the loaned amount must be used, details of the loan repayment, and the rights and obligations of the parties.
A complex loan requires careful consideration and foresight of all potential present and future risks that may prevent your loan from being repaid. If you are considering lending a large sum of money, we would strongly recommend ordering a Complex Loan Agreement. This includes an added suite of additional legal clauses and conditions, designed to provide you with the highest level of protection possible, and therefore, the greatest chance possible to ensure that you are repaid in full.
This may include clauses which:
This includes Loan Facility Agreements, which allow for multiple loans to be taken from time to time by a borrower (capped at an agreed amount), and a set repayment term for each additional transfer (e.g. 2 months).
A Loan agreement is essential for any lending or borrowing arrangement in business and personal matters. It helps both parties understand their rights and obligations and reduces the chances of misunderstandings and disputes. In the case of a dispute between the parties a well drafted, legally binding loan agreement can serve as critical evidence of the parties’ intentions and the terms they agreed too. Because both parties agree to the terms at the outset of the loan this can also prevent relationship breakdown in the event of a dispute.
Are you planning on lending money to an individual, business and/or between entities (for example, your business and superfund)? Protect yourself and your business – set up your loan agreement contract to ensure the best possible chance of being repaid.
Don’t open yourself up to risk. Order a Loan Agreement from Arrow White Online today!
If you have any general questions or require legal advice, please contact us and we can refer you to a specialist Law Firm.
Any questions? Don’t hesitate to reach out, and a friendly member of our team will be happy to assist you.
watch our short explainer video
answer to the most frequently asked questions
What is the difference between a Secured and Unsecured Loan?
There are two types of loans; secured loans and unsecured loans. In an unsecured loan the debt is not secured by any of the borrowers’ assets. A secured loan is where repayment of the debt is secured against some identifiable assets of the borrower. The most common example of this is when a bank secures a loan against the property purchased by the borrower. If the borrower cannot repay the loan the bank can claim the property purchased with the borrowed monies.
What is a Guarantor?
A guarantor is a someone who promises to repay money that is owed under a loan agreement in the event that the borrower is unable to repay the debt. This promise can be made legally enforceable where, as a part of the loan agreement, the guarantor is required to sign a guarantee document. When a loan is secured, the guarantor is the person who secures the loan, by their promise to repay the debt.
Does the National Credit Code (NCC) apply to my Loan Agreement?
The NCC only applies to loans where the lender provides credit and is in the business of providing credit.
What is a Lump-sum Payment?
A lump-sum payment is a single one-time payment that the borrower uses to repay the lender at the end of the loan term.
What is a Principal and Interest Payment?
The principal and interest payments of a loan determines the final amount payable at the end of the loan term. The principle is the amount of money borrowed from the lender while the interest is the amount charged to borrow the money.
Should I ask a lawyer to review my Loan Agreements?
Yes, you should always have a lawyer review the terms of any loan agreement that you are planning to sign.
What is a Bilateral Loan Agreement?
A bilateral loan is where there are only two parties to the agreement.
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