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Consumer Loan Agreement

This is consumer loan agreement for a borrower to repay lender. The form provided here is simply a sample of what the actual form looks like.

CONSUMER LOAN AGREEMENT

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 more than one person may sign this agreement below, 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________________%

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 _______, 20____,

and ending on _________________, 20____.

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.

Agreed To:

______________________________
Borrower

_______________________________
Lender

______________________________
Borrower

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