Loan Agreement - Free Download
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Loan Agreement
LOAN AGREEMENT
ACKNOWLEDGEMENT OF DEBT
entered into between:
___________________________________
(“the Lender”)
and
___________________________________
(“the Borrower”)
1 Amount of loan
The Lender hereby agrees to lend the sum of ________________to the Borrower on the terms set out hereun-
der.
2 Payment of loan to Borrower
It is agreed between the parties that payment of the loan amount will not be made to the Borrower before
the expiry of three business days after the conclusion of the contract. During the said period of three business
days the Borrower may terminate the contract at will. It is further agreed that the Lender shall not be entitled
to interest for the period preceding the date upon which the money is paid to the Borrower.
3 Period of loan
This loan shall endure for a period of ______ months calculated from (date).
(In order to claim exemption from the Usury Act 73 of 1968 this number may not exceed 36 months).
4 Interest
The Borrower shall be obliged to pay interest at the rate of __________ (percentage) per annum, such interest
to be paid together with the capital sum of the loan at the end of the loan period.
Or
The Borrower shall be obliged to pay interest at the rate of _________ (percentage) per annum, the interest
and capital to be paid in equal monthly instalments of __________
5 Exceptio non numeratae pecuniae
The Borrower expressly renounces the benets of the exceptio non numeratae pecuniae and conrms that he
understands the meaning of this exception and the eect of its renunciation.
6 Place and time of repayment
If repayment is made by way of monthly instalments all payments must be made by the Borrower on or
before the third business day of every month at
___________________________________________________________________________________ (address
of payment) or such other address as the Lender may at a later stage advise in writing.
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