A loan agreement is an agreement between two parties whereby one party (the lender) agrees to provide a loan to the other party (the borrower). It is an essential legal document to enforce the terms of the loan and to show that it was, in fact, a loan and not a gift.
There are two types of loans:
secured loans;
and unsecured loans.
Each type of loan has different obligations and protections for borrowers and lenders. Unsecured means there is no security against the loan should the borrower end up in default. A secured loan, on the other hand, ensures the lender can recover its money by taking possession of the borrower’s asset(s), selling them and using the sales proceeds to repay the debt. The majority of loans, such as home loans, are secured against an asset.
A Division 7A loan agreement is a loan agreement that covers certain payments or loans that are made or debts that are forgiven by a private (i.e. proprietary limited) company and would otherwise be treated for tax purposes as assessable income of the recipient.
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including this Loan Agreement. Our membership also provides unlimited legal advice
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The LegalVision Loan Agreement is a short form, unsecured loan
deed. It assumes that:
there is a single borrower (either a company or an individual)
and a single lender (either a company or an individual);
the lender is not committed to provide the loan;
the loan is unsecured; and
the borrower must repay the loan on a fixed repayment date or,
if the agreement provides, on demand.
The document is 23 pages long and contains 15 clauses and 3
schedules.
This loan agreement is a short form loan agreement. It assumes
there is a single borrower (which is either a company or an
individual) and a single lender (which is either a company or an
individual). Although the loan is unsecured, it does contain an
optional guarantee clause which you can include if the borrower’s
obligations under the loan agreement are being guaranteed by a
third party (again the guarantor can be either a company or an
individual). This agreement assumes that the loan is not regulated
by the National Credit Code.
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