Consumer Loan Agreement : Please fill out the following Consumer Loan Agreement. Please print your completed form if you would to have a copy for your records.




1. PARTIES : The undersigned is the Borrower and the Lender is.


2. DATE OF AGREEMENT :


3. PROMISE TO PAY: Within 24 months from today, I promise to pay to lender dollars ($25,000 ) 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)


ANNUAL PERCENTAGE RATE : 12%


6. R E PAY M E N T : This is how I will repay : I will repay the amount of this note in 24 equal uninterrupted monthly installments of $1250 each on the day (DATE) of each month starting on the day of (DATE) and ending on (DATE).


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 unearnedfinance 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 as per this Consumer Loan Agreement, 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 lendergives 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 tothe unpaid balance of the loan.


13. C O - B O R R O W E R S : If I am signing this agreement as a co-borrower, I agree to be equally responsible with the borrower for this loan.


Agreed To:


Borrower :


Borrower :


Lender :


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