There are usually two types of loan contracts, of which: depending on the loan and the purpose, the borrower and/or lender can be either a capital company or an individual. You must understand that if, for some reason, the borrower breaks down, or for some other reason, he is unable to repay the borrowed money, you are responsible for the performance of his obligations. All assets you personally own, real estate and other specific assets that you have given as collateral can be seized and sold to honour unpaid loan amounts; This probably includes not only advance, but also all unpaid interest and legal fees. Depending on whether your parents have already asked a lawyer to prepare a loan contract, we can act for you to prepare the agreement. We can take precautions to pay fees later, for example. B in the processing of the loan, but this increases the time and costs – 200 to 300 dollars more. We will confirm this in writing as soon as we know how you intend to manage the payment terms. At Else Solicitors, we can advise you on whether there is room for negotiation under the terms of the agreement that has been proposed to you. We can also give you a clear and complete explanation of the terms and conditions of the loan agreement.

We will be happy to give you an offer and a first thought on a loan contract. Please call us to discuss your concerns. We have a good track record. A loan agreement, sometimes used interchangeably with terms such as credit, term loans, IOU or debt, is a binding contract between a borrower and a lender that formalizes the loan process and describes the terms and timing of repayment. Depending on the purpose of the loan and the amount of money borrowed, loan contracts can range from relatively simple letters, which contain basic details on the length of a borrower`s repayment of the loan and the interest calculated, to more detailed documents such as mortgage contracts. A loan agreement is a very complex document that can protect both parties involved. In most cases, the lender establishes the loan contract, which means that the task of including all the terms of the agreement rests with the lender. If you haven`t already signed credit contracts, you`ll probably want to make sure you understand all the components so that you don`t be able to protect yourself during the loan term.