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Texas Loan Agreement

This Texas Loan Agreement (“Agreement”) is entered into on this ____ day of ___________, 20___, by and between:

Borrower: ________________________________________

Address: _________________________________________

City, State, ZIP: ________________________________

AND

Lender: _________________________________________

Address: _________________________________________

City, State, ZIP: ________________________________

This Agreement is made pursuant to and shall be governed by the laws of the State of Texas.

1. Loan Amount: The Lender agrees to loan the Borrower the total sum of ____________________ dollars ($__________).

2. Interest Rate: The loan shall bear interest at the annual rate of __________%.

3. Term of Loan: The term of this loan shall be ___ months/years, commencing on the date of this Agreement.

4. Repayment: The Borrower agrees to repay the Loan in the following manner:

  • The principal and interest shall be paid in total by the maturity date.
  • Payments shall be made on a monthly basis—due on the _____ day of each month.
  • Late payments will incur a fee of _________________ dollars ($__________).

5. Prepayment: Borrower may prepay the loan without penalty.

6. Default: In the event of default, the Lender may demand immediate payment of the entire remaining balance. Default occurs if:

  • The Borrower fails to make any payments when due.
  • The Borrower becomes bankrupt or insolvent.
  • The Borrower is placed in receivership or liquidation.

7. Governing Law: This Agreement shall be construed in accordance with the laws of the State of Texas.

8. Entire Agreement: This document constitutes the entire agreement between the parties regarding the loan and supersedes all prior negotiations or agreements.

IN WITNESS WHEREOF, the parties hereto have executed this Texas Loan Agreement as of the date first above written.

_____________________________

Borrower Signature

_____________________________

Lender Signature

Form Data

Fact Name Description
Governing Law The Texas Loan Agreement form is governed by the Texas Business and Commerce Code.
Parties Involved The agreement typically involves a lender and a borrower, each of whom must be clearly identified.
Loan Amount The form specifies the exact amount of money being loaned, ensuring clarity for both parties.
Interest Rate The interest rate must be disclosed, which can be fixed or variable, depending on the terms agreed upon.
Repayment Terms Details regarding the repayment schedule, including due dates and amounts, are outlined in the agreement.
Default Conditions The form includes conditions that define what constitutes a default and the remedies available to the lender.

Texas Loan Agreement - Usage Guidelines

Completing the Texas Loan Agreement form is a straightforward process that requires careful attention to detail. By following the steps outlined below, you will ensure that all necessary information is accurately provided, setting the stage for a smooth transaction.

  1. Begin by downloading the Texas Loan Agreement form from a reliable source.
  2. Open the form and review the sections to familiarize yourself with the required information.
  3. In the first section, enter the names and addresses of both the lender and the borrower.
  4. Specify the loan amount in the designated field. Make sure this figure is clear and accurate.
  5. Indicate the interest rate applicable to the loan. This should be stated as a percentage.
  6. Fill in the repayment terms, including the duration of the loan and the payment schedule.
  7. Include any additional terms or conditions that may apply to the loan agreement.
  8. Review all entries for accuracy and completeness before signing.
  9. Both the lender and borrower should sign and date the form where indicated.
  10. Make copies of the signed agreement for both parties to retain for their records.

Some Other Loan Agreement State Templates

Promissory Note Florida - May contain information about collateral if the loan is secured by an asset.

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Dos and Don'ts

When filling out the Texas Loan Agreement form, it is important to approach the process with care. Below is a list of ten essential dos and don'ts to ensure accuracy and compliance.

  • Do read the entire form carefully before starting to fill it out.
  • Don't leave any sections blank unless instructed to do so.
  • Do provide accurate personal and financial information.
  • Don't use abbreviations or shorthand that may confuse the reader.
  • Do double-check all figures and calculations for accuracy.
  • Don't rush through the form; take your time to ensure completeness.
  • Do sign and date the form in the appropriate sections.
  • Don't forget to keep a copy of the completed form for your records.
  • Do ask questions if you do not understand any part of the form.
  • Don't submit the form without reviewing it one last time.

Common mistakes

  1. Inaccurate Personal Information: Many individuals fail to provide accurate personal details, such as their full name, address, or contact information. This can lead to confusion or delays in processing the loan.

  2. Missing Signatures: A common oversight is neglecting to sign the document. Without a signature, the agreement is not legally binding.

  3. Incorrect Loan Amount: Some borrowers mistakenly enter the wrong loan amount. This error can affect the terms of the loan and may result in complications later on.

  4. Failure to Read Terms: It’s essential to read and understand the terms of the loan before signing. Skipping this step can lead to unexpected obligations or fees.

  5. Not Including All Required Documentation: Applicants often forget to attach necessary documents, such as proof of income or identification. This can delay the approval process.

  6. Ignoring Dates: Dates play a crucial role in the agreement. Failing to fill in the correct dates for the loan term can create legal issues.

  7. Overlooking Co-Signer Information: If a co-signer is required, not providing their information can lead to the rejection of the loan application.

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