Loan Agreement – Because Borrowing or Lending Needs to Be Clear and Legal!” 📑🤝 🗨️ Client Question: "What is a Loan Agreement and why is it important for lending and borrowing?" 😄 Answer: A Loan Agreement is a legal document between a lender and a borrower that outlines the terms of a loan, including the loan amount, interest rate, repayment schedule, and consequences of non-payment. 💰🔒 It ensures that both parties have a clear understanding of their obligations and protects the lender’s interests while giving the borrower a roadmap for repayment. 🛣️ For both businesses and individuals, a Loan Agreement acts as a shield against disputes and confusion. ⚖️ ✅ What’s in a Loan Agreement? Loan amount and disbursement terms 💵 Interest rate and payment schedule 📅 Collateral requirements (if any) 🏡 Loan term (duration of the loan) ⏳ Consequences for non-payment or default 💥 #LoanAgreement #BorrowingAndLending #LegalDocuments #FinancialContracts #LexisAn...
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