Personal Loan Agreement - Alaska

Alaska Personal Loan Agreement

Before signing: This agreement is for a private, unsecured loan between individuals. For principal of $25,000 or less, confirm the maximum agreed interest using the 12th Federal Reserve District advance rate on the signing date. Principal above $25,000 is exempt from that subsection's formula, but other law may apply. Section 45.45.010(a) states a 10.5% general rate on overdue money subject to subsection (b); this Agreement adds no default interest rate. A person engaged in lending as a business must check AS 06.20 and any applicable consumer-credit duties.

This Agreement is made on [__/__/____] between Lender [FULL LEGAL NAME], at [MAILING ADDRESS], and Borrower [FULL LEGAL NAME], at [MAILING ADDRESS].

1. Loan and disbursement

Lender agrees to lend Borrower $[____] for [PERSONAL PURPOSE]. Lender shall deliver the stated amount in one disbursement by [CHECK / TRANSFER / OTHER] on [__/__/____]. Borrower shall acknowledge the amount actually received by signing the receipt line below. Borrower owes only the amount actually received. If Lender delivers less than the stated amount, no interest accrues on that smaller amount unless the parties sign an amendment confirming the actual principal, a lawful rate for that amount, and a revised payment schedule; interest then begins on the amendment date or a later date stated there. Until such an amendment, the stated installments do not apply and the amount actually received is due on the final maturity date in Section 2, with no interest. If no funds are delivered, Borrower has no repayment obligation under this Agreement.

2. Interest and repayment

Interest: ☐ No interest; ☐ Simple interest at [____]% per year on outstanding principal. For a full advance, interest begins when Borrower receives the funds; the short-advance rule in Section 1 controls otherwise. For each day, interest equals unpaid principal multiplied by the selected annual rate divided by 365 if that day falls in an ordinary calendar year, or by 366 if it falls in a leap calendar year. An uncompleted rate means no interest is agreed. The selected rate must comply with the law applicable to this transaction. No compounding or default interest is agreed.

Borrower shall repay in [____] installments of $[____] each. Payment interval: ☐ Monthly; ☐ Other (attach a signed schedule of due dates). The first installment is due [__/__/____]. For monthly payments, choose a first due date after the advance from the 1st through the 28th; each later installment is due on that same day of each following month. All unpaid principal and accrued interest are due on [__/__/____] (choose a date on or after the last scheduled installment). No installment exceeds the outstanding principal and accrued interest then due. Attach and sign a payment schedule if the payment amount changes. Payments shall be made by [METHOD] to [PAYMENT ADDRESS OR ACCOUNT]. Borrower may prepay principal and accrued interest at any time without a fee. Payments are applied first to accrued interest and then principal.

3. Missed payment

If a payment is more than [____] days late, Lender may give written notice specifying the amount due. Borrower has [____] days after receiving that notice to cure the missed payment. If Borrower does not cure, Lender may declare the unpaid principal and accrued interest immediately due by another written notice. No late fee, penalty, or additional default interest is agreed. The parties may sign a written extension.

4. Notices and legal terms

Notices under this Agreement must be in writing and delivered personally or mailed to the addresses above; either party may change its address by written notice. Alaska law governs. This Agreement creates no security interest or guaranty. Amendments must be signed by both parties. If a term is unenforceable, the remaining terms continue. This Agreement and its signed payment schedule are the complete agreement.

Contract actions are generally subject to AS 09.10.053's three-year period and its stated exceptions. If an unpaid balance becomes a judgment, interest is governed by AS 09.30.070(a), including its written-contract exception; this Agreement does not promise a particular judgment rate.

5. Signatures and receipt

Lender: [SIGNATURE] Printed name: [____] Date: [__/__/____]

Borrower: [SIGNATURE] Printed name: [____] Date: [__/__/____]

Borrower acknowledges receipt of $[____] on [__/__/____]: [SIGNATURE]