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Loan Agreement
Loan Types
Parties
Terms
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Collateral / Late Payments
Will the Loan Agreement be secured by collateral?
Yes
No
Describe the property being used as collateral:
Is
the
first
borrower
purchasing the collateral from the lender?
Yes
No
Will the lender retain title of ownership until the loan is repaid in full?
Yes, retained until paid
No, transferred at signing
Late Payments
Will the interest rate increase if
the
first
borrower
fails to make a payment?
Yes
No
The interest rate will increase to
% compounded yearly.
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No
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Frequently Asked Questions
what is collateral?
×
what is collateral?
Collateral
is
a
property
or
other
asset
that
a
borrower
offers
as
a
way
for
a
lender
to
secure
the
loan.
If
the
borrower
stops
making
the
promised
loan
payments,
the
lender
can
seize
the
collateral
to
recoup
its
losses.
...
A
lender's
claim
to
a
borrower's
collateral
is
called
a
lien.
If
the
loan
is
not
secured
with
collateral,
the
lender
will
need
to
go
to
court
before
seizing
any
of
the
borrower's
assets.
What is title of ownership?
×
What is title of ownership?
Title
of
ownership
refers
to
the
legal
ownership
and
possession
of
a
piece
of
property.
If
the
loan
is
a
financial
risk,
the
lender
may
wish
to
retain
title
of
ownership
until
the
borrower
has
made
their
final
payment.
If
the
lender
chooses
to
transfer
title
of
ownership
right
away,
they
will
retain
a
security
interest
in
the
property
until
it's
paid
off
in
full.
what is compound interest?
×
what is compound interest?
Compound
interest
is
the
addition
of
interest
to
the
principal
sum
of
a
loan
or
deposit,
or
in
other
words,
interest
on
interest.
...
The
simple
annual
interest
rate
is
the
interest
amount
per
period,
multiplied
by
the
number
of
periods
per
year.
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