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Personal Loan Agreement (Ontario)
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PERSONAL LOAN AGREEMENT
This agreement is made between:
The lender: ______, of ______
The borrower: ______, of ______
The lender and the borrower agree as follows:
Loan. The lender will lend the borrower ______ in Canadian dollars (the “loan”) and will advance it on ______ by ______.
Purpose. The borrower will use the loan for this purpose: ______.
Interest. The loan bears ______.
Repayment. The borrower will repay the loan ______.
Prepayment. The borrower may repay all or part of the loan early, at any time, without penalty.
Late payment. A payment is late if it is not received within ______ days after its due date.
Security. The loan is ______.
Default. The borrower is in default if a payment is more than ______ days late, if the borrower breaks any other promise in this agreement, or if the borrower becomes bankrupt or insolvent. On default, the lender may give the borrower written notice that the whole unpaid balance, with interest, is due at once.
Notices. A notice under this agreement is given in writing to the other party at the address above, or by email to an address that party has given in writing.
Entire agreement. This agreement is the whole agreement between the lender and the borrower about the loan. Any change must be in writing and signed by both of them.
Governing law. This agreement is governed by the laws of the Province of Ontario and the federal laws of Canada that apply in Ontario.
Signed by the lender and the borrower on the dates written below.
______________________________ | ______________________________ |