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Loan Agreement Editor

Fill in the details below to generate your customized UK loan agreement

💷 Loan Type & Parties

? Personal loans are between individuals. Business loans involve at least one company. This affects tax treatment and legal requirements.
The person or company lending the money
The person or company receiving the loan

💰 Loan Amount & Terms

? Specify what the loan will be used for. This helps both parties understand the context and can be relevant for tax purposes.
When the borrower will receive the funds

📊 Interest & Repayment

? Interest-free: No interest charged (common for family loans). Fixed: Interest rate stays the same. Variable: Rate can change (must specify base rate).
⚠️ Tax Implications: Interest-free or below-market-rate loans between family members may have tax implications. Interest on business loans is typically tax-deductible for the borrower. Lenders must declare interest income.
? How frequently the borrower will make repayments. More frequent payments reduce overall interest paid.
e.g., "2 years", "36 months"
For monthly/quarterly payments
? Whether the borrower can pay off the loan early without penalty. Some lenders charge fees to recover lost interest.

🔒 Security & Guarantees

? Secured: The borrower provides collateral (e.g., property, vehicle). If they default, the lender can claim the asset. Unsecured: No collateral - higher risk for lender.
Legal Requirement: Secured loans require formal security documentation (charge, debenture, or legal charge). For property, you'll need to register with the Land Registry. For business assets, register with Companies House.
? A guarantor agrees to repay the loan if the borrower defaults. They must understand they are equally liable for the debt.

⚠️ Default & Late Payment

? What happens if the borrower misses a payment. This should be reasonable to be enforceable. The Late Payment of Commercial Debts (Interest) Act 1998 sets statutory rates for business debts.
? How many days late before the loan is in default. UK law requires written notice before pursuing legal action. 14-30 days is common.
Consumer Credit Act 1974: If the loan is to an individual and exceeds £25,000, additional consumer protection rules may apply. For business loans, these protections don't apply.

📋 Additional Terms

? Any additional terms specific to this loan. For example: restrictions on how funds can be used, requirements for insurance, financial reporting obligations, etc.
? Which UK jurisdiction's laws apply. Usually where the lender is based, but can be specified differently.
? How official notices should be sent. Email is common but registered post provides proof of delivery.

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