Loan Agreement - Personal - California

PERSONAL LOAN AGREEMENT (CALIFORNIA)

Before use: Complete the interest-rate field before signing; enter 0 to agree expressly to an interest-free loan. Confirm the chosen interest rate, any lender requirements, and this transaction's terms under current California and federal law.

This Agreement covers one unsecured loan between individuals for money used primarily for personal, family, or household purposes. Complete every bracket before signing. Use another form for a business, real-property, or regulated-lender loan.

• Agreement date: [__/__/____]
• Lender: [FULL LEGAL NAME], [ADDRESS], [EMAIL]
• Borrower: [FULL LEGAL NAME], [ADDRESS], [EMAIL]
• Loan principal: $[AMOUNT]
• Funding date: [__/__/____]
• Funding method and destination: [METHOD AND ACCOUNT OR ADDRESS]
• Annual simple interest rate: [RATE]% (not more than 10% under this Agreement)
• Payment amount and frequency: $[AMOUNT] every [MONTH/WEEK]
• First payment date (after actual funding; use day 1-28 for monthly payments): [__/__/____]
• Final payment date (on or after the first payment date): [__/__/____]
• Payment method and destination: [METHOD AND ACCOUNT OR ADDRESS]

Loan and funding

Lender agrees to deliver the loan principal to Borrower on the funding date by the funding method above. Borrower agrees to repay the principal actually delivered, with interest under this Agreement. Lender will provide a record of delivery. If the funds are not delivered, Borrower owes no payment under this Agreement until they are delivered. The loan is unsecured; this Agreement grants no lien on property.

If delivery occurs after the stated funding date and would disrupt the payment schedule, the parties will sign revised first and final payment dates before delivery. The first payment cannot be due before funds are delivered.

Interest and payments

Simple interest accrues only on unpaid principal beginning on the date funds are delivered. For each day, interest equals unpaid principal multiplied by the annual rate divided by 365 in an ordinary calendar year, or by 366 in a leap calendar year. Unpaid interest does not itself earn interest. The parties agree to no origination fee, recurring fee, late fee, or higher default rate.

Borrower will make the scheduled payments until the debt is paid in full. No scheduled payment may exceed the unpaid principal and accrued interest then due. Each payment applies first to accrued unpaid interest and then to principal. Borrower will pay all remaining principal and accrued interest on the final payment date. Lender will provide a written payment record on request.

After the first payment, weekly payments are due every seven days; monthly payments are due on the same numbered day of each following month. The final payment date controls any remaining balance.

Borrower may pay early, in whole or in part, without a prepayment charge. An early payment reduces principal after accrued unpaid interest is paid.

Missed payment

If a payment is more than [NUMBER] calendar days late, Lender may give written notice of the overdue amount. Borrower has [NUMBER] calendar days after receiving that notice to pay it. If Borrower does not cure within that period, Lender may declare the remaining unpaid principal and accrued interest immediately due, subject to applicable law. Lender will give written notice of acceleration. The parties agree to no automatic collection fee or attorney fee.

Notices and changes

A notice under this Agreement must be delivered personally, by mail, or by email to the address or email listed above. A party may change an address by giving written notice to the other.

A change to this Agreement must be in a writing signed by both parties. This Agreement is the entire agreement for this loan. California law governs this Agreement, subject to any law that cannot be changed by agreement. This Agreement does not waive either party's right to seek a jury trial in a California state court.

Signatures

• Lender signature: ____________________ Date: [__/__/____]

• Printed name: [NAME]

• Borrower signature: ____________________ Date: [__/__/____]

• Printed name: [NAME]

Funding receipt

Complete when the funds are delivered.

• Amount delivered: $[AMOUNT] Date delivered: [__/__/____]
• Borrower acknowledgment of receipt: ____________________