The Cash Loan Simple Loan Agreement is designed for use in Canadian jurisdictions where parties wish to document a straightforward lending arrangement. This document is particularly useful for situations involving direct monetary loans without complex security arrangements or special conditions. It covers all essential elements required by Canadian law, including interest rate provisions compliant with Section 347 of the Criminal Code, and incorporates necessary provincial consumer protection requirements. The agreement is suitable for both individual and corporate lending situations, providing a clear framework for the loan terms, repayment obligations, and parties' rights and responsibilities. This template should be used when parties need a basic but comprehensive loan document that ensures legal enforceability while maintaining simplicity in its terms and structure.
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1. Parties: Identifies and provides full legal names and addresses of the Lender and Borrower
2. Background: Brief context of the loan arrangement and relationship between parties
3. Definitions: Defines key terms used throughout the agreement
4. Loan Amount and Purpose: Specifies the principal amount being loaned and its intended use
5. Interest Rate: Details the interest rate, calculation method, and compliance with legal limits
6. Repayment Terms: Specifies payment schedule, amounts, and method of payment
7. Prepayment: Terms and conditions for early repayment of the loan
8. Events of Default: Defines what constitutes default and its consequences
9. Representations and Warranties: Basic statements of fact and promises made by the Borrower
10. Notices: How formal communications between parties should be made
11. General Provisions: Standard contract clauses including governing law, amendments, and severability
1. Security: Include when the loan is secured by specific assets or collateral
2. Guarantor Provisions: Required when a third party is guaranteeing the loan
3. Insurance Requirements: Include when insurance must be maintained on collateral
4. Covenants: Additional promises by the Borrower, included for higher-risk loans
5. Late Payment Penalties: Specific penalties for late payments, if applicable
6. Assignment: Include if either party may assign their rights under the agreement
7. Debt Collection: Include specific terms about collection practices and costs
8. Privacy and Data Protection: Include when personal information handling needs to be addressed
1. Repayment Schedule: Detailed amortization table showing payment dates and amounts
2. Security Details: Description of any assets provided as security for the loan
3. Guarantor Information: Details of guarantor(s) and their obligations
4. Loan Disclosure Statement: Required regulatory disclosures including APR and total cost of borrowing
5. Direct Debit Authorization: Form for automatic payment setup if applicable
Authors
Relevant legal definitions
Clauses
Relevant Industries
Financial Services
Banking
Private Lending
Real Estate
Small Business
Retail
Professional Services
Manufacturing
Technology
Agriculture
Construction
Healthcare
Relevant Teams
Legal
Finance
Credit
Risk Management
Compliance
Treasury
Business Development
Collections
Corporate Banking
Retail Banking
Document Management
Operations
Relevant Roles
Chief Financial Officer
Finance Manager
Credit Manager
Loan Officer
Legal Counsel
Compliance Officer
Risk Manager
Treasury Manager
Financial Controller
Business Development Manager
Account Manager
Collections Manager
Small Business Advisor
Corporate Banking Officer
Financial Analyst
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