Legal
Loan Agreement
The document you sign when a loan is approved. It is issued to you with a full repayment schedule attached - this page explains what it contains.
1. Parties and loan reference
This section must set out: Lender and borrower details and the unique loan reference.
2. Amount and disbursement
This section must set out: The amount borrowed, the arrangement fee, the amount actually paid out and how it is paid.
3. Interest and total repayable
This section must set out: The rate, the calculation method, total interest and the total sum repayable.
4. Repayment schedule
This section must set out: Every instalment, its due date and the closing balance - attached to the agreement, not referenced elsewhere.
5. Payroll deduction authority
This section must set out: Where applicable, the borrower's authority for the employer to deduct instalments.
6. Default and recovery
This section must set out: What constitutes default and the steps that follow.
7. Early settlement
This section must set out: The right to settle early and how the figure is calculated.
8. Signatures
This section must set out: Borrower, witness where required, and the authorised officer for the lender.
Once approved wording is supplied it is inserted here and this notice is removed. Each section is stored separately so it can be updated without rebuilding the site.