About this document
When a secured loan is repaid, the security is discharged upon repayment and there is therefore no need for any other evidence to confirm closure of the loan arrangement. In the case of an unsecured loan arrangement this area remains a possible reason for a dispute between the lender and the borrower.
It is therefore better that an unsecured loan is properly documented at the closure stage and that is where this document template becomes important and highly useful.
There is little or no statutory regulation relating to an agreement of this nature, so the parties can make more or less what deal they have chosen.
Any person, company or firm lending or borrowing money irrespective of any business they are into can use this document.
Application and features
- Clearly outlines the repayment and thus culmination of the loan arrangement;
- Ready for adaptation to particular needs of either or both parties;
- Comprehensive legal provisions to protect borrower from any future claims from the lender;
- Real law in simple English. No complexities.
Contents
- the purpose of the agreement;
- repayment of principal and interest amounts;
- method of payment
This document has been drawn by Rakesh Taneja, unconnected with Net Lawman. Rakesh Taneja will welcome your contact for further legal help. There may be a charge for Rakesh Taneja services.
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