Free Loan Agreement - Ireland

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Loan Agreement

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LOAN AGREEMENT

THIS LOAN AGREEMENT (this "Agreement")  dated this ________ day of ________________, ________

BETWEEN:


____________________ of ______________________________________
(the "Lender")

OF THE FIRST PART

AND


____________________ of ______________________________________
(the "Borrower")

OF THE SECOND PART

IN CONSIDERATION OF the Lender loaning certain monies (the "Loan") to the Borrower, and the Borrower repaying the Loan to the Lender, the parties agree to keep, perform and fulfill the promises and conditions set out in this Agreement:

  1. Loan Amount & Interest
  2. The Lender promises to loan ‎€____________________ to the Borrower and the Borrower promises to repay this principal amount to the Lender, without interest payable on the unpaid principal, beginning on 21 November 2024.
  3. Payment
  4. This Loan will be repaid in consecutive monthly instalments commencing on 21 November 2024 and continuing on the twenty-first of each following month until 21 November 2024 with the balance then owing under this Agreement being paid at that time.
  5. At any time while not in default under this Agreement, the Borrower may make lump sum payments or pay the outstanding balance then owing under this Agreement to the Lender without further bonus or penalty.
  6. Default
  7. Notwithstanding anything to the contrary in this Agreement, if the Borrower defaults in the performance of any obligation under this Agreement, then the Lender may declare the principal amount owing under this Agreement at that time to be immediately due and payable.
  8. Governing Law
  9. This Agreement will be construed in accordance with and governed by the laws of Ireland.
  10. Costs
  11. The Borrower shall be liable for all costs, expenses and expenditures incurred including, without limitation, the complete legal costs of the Lender incurred by enforcing this Agreement as a result of any default by the Borrower and such costs will be added to the principal then outstanding and shall be due and payable by the Borrower to the Lender immediately upon demand of the Lender.
  12. Binding Effect
  13. This Agreement will pass to the benefit of and be binding upon the respective heirs, executors, administrators, successors and permitted assigns of the Borrower and Lender. The Borrower waives presentment for payment, notice of non-payment, protest, and notice of protest.
  14. Amendments
  15. This Agreement may only be amended or modified by a written instrument executed by both the Borrower and the Lender.
  16. Severability
  17. The clauses and paragraphs contained in this Agreement are intended to be read and construed independently of each other. If any term, covenant, condition or provision of this Agreement is held by a court of competent jurisdiction to be invalid, void or unenforceable, it is the parties' intent that such provision be reduced in scope by the court only to the extent deemed necessary by that court to render the provision reasonable and enforceable and the remainder of the provisions of this Agreement will in no way be affected, impaired or invalidated as a result.
  18. General Provisions
  19. Headings are inserted for the convenience of the parties only and are not to be considered when interpreting this Agreement. Words in the singular mean and include the plural and vice versa. Words in the masculine mean and include the feminine and vice versa.
  20. Entire Agreement
  21. This Agreement constitutes the entire agreement between the parties and there are no further items or provisions, either oral or otherwise.

IN WITNESS WHEREOF, the parties have duly affixed their signatures on this ________ day of ________________, ________.

SIGNED, SEALED AND DELIVERED
this ________ day of ________________, ________.


 


_____________________________
____________________


SIGNED, SEALED AND DELIVERED
this ________ day of ________________, ________.


 


_____________________________
____________________

Question Help
Loan Agreement Document Preview
Document PreviewAbout this Document

Last Updated July 3, 2024

What is a Loan Agreement?

A Loan Agreement is a legally binding document that parties use when one lends money to the other.

A loan contract involves two parties: a lender (the person lending money to someone else) and a borrower (the person receiving a loan).

A Loan Agreement can either be secured or unsecured:

Secured: A secured loan is issued and supported with collateral to be used in the event that the borrower can no longer make payments. Collateral is usually a physical asset that can be seized and/or sold off by the lender to pay the remaining balance of the loan, such as a car, a house, stocks, or bonds.

If there isn't a collateral clause in the contract, the lender would have to go to court to seize any of the borrower's assets. With a clause in place, the lender may still have to go to court to seize on the collateral, but the process tends to run smoother.

Unsecured: An unsecured loan is issued without collateral. These kinds of loans are more common when loaning money to friends or family members.

An unsecured loan may have higher interest rates to offset the risks to the lender for loaning money without collateral.

A Loan Agreement is also known as a:

  • Term Loan
  • Personal Loan Agreement
  • Loan Contract

What do I need a Loan Agreement for?

A written loan contract ensures fairness and protects both the borrower and the lender. The parties can limit disputes by clearly outlining the terms and conditions of the agreement.

You can use a Loan Agreement for:

  • Business loans, such as capital for a startup business
  • Purchases, such as a vehicle, boat, or furniture
  • Real estate loans, such as a down payment on a home
  • Personal lending between friends or family for debts or bills

How can I pay off my loan?

LawDepot's Loan Agreement template allows you to choose from the following methods of repayment:

  • Single repayment: The borrower repays the entire loan amount at once (either by a specific date or upon notice to repay).
  • Regular payments: The borrower repays the loan in weekly, monthly, or yearly instalments.
  • Other: You may specify a non-traditional method of payment, such as allowing the borrower to make payments as they are able.
  • Early repayment: In addition to the specified payment schedule, the borrower may make lump sum payments at any time in order to repay the loan early.
  • Interest: The lender may charge interest at a certain percentage rate that compounds weekly, every six months, or yearly. If the borrower fails to make a payment on time, the lender may increase the rate of interest or charge a late fee.

What should a Loan Agreement include?

Loan agreements generally include information about:

  • The location. People usually choose the lender's location for the Loan Agreement, but if the agreement is for the purchase of assets, then the parties might choose to list the location of the assets instead.
  • The lender and borrower. These details include name, address, and whether the lender or borrower is an individual or a corporation. You may also add a co-signer who agrees to pay the debt if the borrower defaults on the loan.
  • The loan amount. The amount of money being lent to the borrower is the loan amount.
  • Interest and late fees. If the lender charges interest, they may specify the percentage of interest and how often it’s compounded (monthly, every six months, or yearly). The lender may also penalize overdue payments by charging late fees or increasing the interest rate.
  • Repayment method. The borrower may repay the loan in a single payment or regular payments. The agreement should outline the repayment schedule, when the final amount is due, and if the borrower can repay the loan early or in lump sums.
  • Collateral and insurance. The borrower may secure the loan with collateral such as a vehicle, equipment, or jewellery. In this case, the lender may seize the collateral if the borrower cannot repay the full loan amount. The lender may also require the borrower to obtain insurance if using the loan to buy a vehicle.

Related Documents:

  • Demand Letter: A Demand Letter is a form used to request payment or action for a defaulted obligation from another party. It describes the claim and how it should be resolved.
  • Waiver/Release Agreement: This document ensures a party will not pursue legal action in exchange for compensation.
  • Bill of Sale: This form is used to transfer ownership of an item to a party in exchange for payment.
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