FREE UK Loan Agreement (Short Form)

This free short Loan Agreement can be used in the United Kingdom when lending or borrowing money from another party. This is the short version of such an agreement.

Disclaimer:This was not drafted by an attorney & should not be used as a legal document.




LOAN AGREEMENT- SHORT FORM


This Loan Agreement (“Agreement”) is made by and between:


[Borrower], having his permanent residence at [Address], hereinafter referred as the Borrower, which expression shall mean and include his legal heir and successors on ONE PART;



AND



[Lender], having his permanent residence at [Address], hereinafter referred as the Lender, which expression shall mean and include his legal heir and successors on SECOND PART;



The Borrower is indebted to Lender in the sum of £ [Amount] (in words).



NOW THIS DEED WITNESSES as follows:



1. The Borrower promises to pay to the order of the Lender the sum of [Amount] Pounds £(Amount in words), with annual interest of [Interest] % on any unpaid balance.



2. This Agreement shall be paid in [Number of Installments] consecutive and equal instalments of £ [Amount of each instalment] each with the first payment one [Starting Date] from date hereof, and the same amount on the same day of each month thereafter, provided the entire principal balance and any accrued but unpaid interest shall be fully paid on or before [Ending Time].



3. This Agreement shall be due and payable upon demand by any holder hereof should the Borrower default in any payment beyond [Ending Time] days of its due date.



IN WITNESS OF WHICH the Borrower has executed this deed the day and year first above written:



Borrower Lender:





Date: Date:




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