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free sample loan agreement - english law

(7 Posts)
bemybebe Wed 19-Oct-11 19:15:23

Does anyone know a place where I can get a very basic sample loan agreement? A very good friend needs to borrow some money and I would have given it to her without a problem, but due to local currency controls she cannot receive the money without notarized agreement. She is already paying 200£ for notary and apostile, drafting it will be another 30+Gbp. However, I am sure there are ready-made templates somewhere. Anybody knows?

bemybebe Thu 20-Oct-11 11:25:31

bumping... just in case

CogitoErgoSometimes Thu 20-Oct-11 12:21:56

I googled 'loan agreement template UK' and got quite a few promising looking links.

bemybebe Thu 20-Oct-11 13:06:24

Oh, I know Cogito, only they all eventually ask to pay, even the ones that adv "free". Nevermind, I have put down a few lines myself and agreed with the notary that she will correct mine if necessary. Thanks for looking though!

SoozleQ Fri 21-Oct-11 23:20:34

I'm a banking lawyer and would love to help - currently on maternity leave so haven't got access to all my precedent docs! But you can keep it simple - just make sure you have all the basics in it. Parties, amount of loan, repayment conditions - you can keep this as simple as saying that the loan is repayable in full at any time on demand. If the loan is not repayable on demand then you need to think about certain conditions which may automatically trigger repayment. In the case of an individual borrower this would cover incapcity, death, first step insolvency etc. Are you going to charge interest? Again, any agreement can be kept simple and just state that interest is to be charged and be payable at a rate agreed between the lender and the borrower from time to time.

Any other questions feel free to ask.

bemybebe Fri 21-Oct-11 23:42:06

Thank you Soo. If you do not mind I will post my version tomorrow for you to quickly comment on. It seems a bit late now smile

SoozleQ Sun 23-Oct-11 23:40:21

No problem, happy to take a look.

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