Consumer Loan Agreement

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1. Parties: The undersigned is______________________, the Borrower, and the Lender is _______________________________________.

2. Date of Agreement:________________

3. Promise to Pay: Within _____months from today, I promise to pay to lender_________________________ dollars ($ ), and interest and other charges stated below.

4. Responsibility: Although this agreement may be signed below by more than one person, I understand that we are each as individuals responsible for paying back the full amount.

5. Breakdown of Loan: This is what I will pay:

1. Amount of Loan: $__________

2. Other (Describe) $__________

3. Amount financed: $__________ (Add 1 and 2)

4. Finance charge: $__________

5. Total of payments: $__________ (Add 3 and 4)


6. Repayment: This is how I will repay: I will repay the amount of this note in _____equal uninterrupted monthly installments of $______ each on the _____ day of each month starting on the_____day of_______, 19____, and ending on _________, 19____.

7. Prepayment: I have the right to prepay the whole outstanding amount at any time. If I do, or if this loan is refinanced-that is, replaced by a new note-you will refund the unearned finance charge, figured by the Rule of 78-a commonly used formula for figuring rebates on installment loans.

8. Late Charge: Any installment not paid within ten (10) days of its due date shall be subject to a late charge of 5% of the payment, not to exceed $_____for any such late installment.

9. Security: to protect lender, I give what is known as a security interest or mortgage in: (Describe)

10. Default: If for any reason I fail to make any payment on time, I shall be in default. The lender can then demand immediate payment of the entire remaining unpaid balance of this loan, without giving anyone further notice.  If I have not paid the full amount of the loan when the final payment is due, the lender will charge me interest on the unpaid balance at ______ percent (%) per year.

11. Right of Offset: If this loan becomes past due, the lender will have the right to pay this loan from any deposit or security I have with this lender without notice to me. If the lender gives me an extension of time to pay this loan, I still must repay the entire loan.

12. Collection fees: If this note is placed with an attorney for collection, then I agree to pay an attorney's fee of fifteen percent (15%) of the unpaid balance. This fee will be added to the unpaid balance of the loan.

13. Co-borrowers: If I am signing this agreement as a co-borrower, I agree to be equally responsible with the borrower for this loan.


Executed at _____ on ___, 20__

Borrower __________________________

Lender _____________________________


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