With DocuSign`s cloud-based electronic signature technology, there are no paper files to manage, no download software and documents run in minutes. For mortgage professionals, DocuSign keeps you ahead of the ever-increasing speed of business. We make it faster and easier to send disclosure agreements while respecting the rules. Whatever the nature of your application, Francis Wilks-Jones has a leading commercial credit team that will help you understand your credit contract. We have a complete expertise in establishing credit documents and we can help you with any questions you have for the execution of your loan agreement. A loan agreement is a complex legal document that binds and protects two or more parties who enter into a credit agreement. There are several components of a loan agreement that you need to include to make it enforceable. These are some of these components that are true regardless of the type of loan contract. To explain how a credit contract is broken down, we divided it into sections that are easier to understand. On the loan agreement model, you will find sections to be filled out with the details of the loan itself (amount and date), the delivery method of the loan, the repayment details, the laws in force, the penalties for late payment and non-payment, the legal fees, the successors, the financing terms, the notifications and, finally, the acceptance of the credit. You have the option to apply for guarantees in exchange for your loan.

If you want to do this, you need to make sure that you include sections that deal with it. If you need to secure the loan, you need a specific section. The security would be an asset used as a guarantee of repayment. Real estate, vehicles or other valuables are examples of assets that can be used. If you need guarantees, you need to identify all the safeguards necessary to guarantee the agreement. Another section you need is the security agreement. If you don`t need a guarantee, you can omit it from your loan agreement. Replace the “[Sender.State]” marked in yellow by the state in which the lender operates. This will determine which laws in the region will govern the loan agreement and will affect any disputes that may arise in the event of a borrower default after missing enough monthly payments. Make sure that the text highlighted in yellow under the signature, which indicates the borrower`s name, the lender`s name and the sender`s company, has been replaced by the corresponding information.

Choose how the personal loan is delivered by selecting the corresponding option in the “Loan Method” field. Replace the “[Payment.Amount]” marked in yellow with minimum monthly payments. They may also include advance information if the borrower is interested in prepaying the loan. Many borrowers are concerned about advances and you would be wise to include a clause in your credit agreement that talks about advance options, if any. If you allow a prepayment, you must include this information and details if they are allowed to pay all or part only in advance and if you charge a down payment fee if they wish. If you charge a down payment fee, you need to state in detail how much it will be. Traditionally, lenders require that a percentage of the principal be paid in advance before they can pay the balance.