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Loan Agreement | Download Free Template
Team Lawyered
What is a Loan Agreement?
A loan agreement is a legal document that preserves the parties involved i.e. the lender and the borrower. Mostly, the lender originates the loan agreement, which means the burden of covering all of the terms for the agreement falls on the lending party. Having a loan agreement in place to ensure that the amount will be repaid or that party can take necessary legal actions in order to have the money recovered.
Why is it Important?
1. The goal of a loan agreement is to particularly specify what is being loaned and when the borrower has to repay the Loan Amount and the method of repaying.
2. It not only lists the terms of the loan, but also works as proof that the money, goods, or services were not a gift or a donation to the borrower.
3. It is necessary because it restricts someone from attempting to get out of repayment.
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Sophie Asveld
February 14, 2019
Email is a crucial channel in any marketing mix, and never has this been truer than for today’s entrepreneur. Curious what to say.
Sophie Asveld
February 14, 2019
Email is a crucial channel in any marketing mix, and never has this been truer than for today’s entrepreneur. Curious what to say.