Loan Agreement Customization
Loan Agreement
THIS AGREEMENT is made on this 6th day of August, 2025.
BETWEEN:
GUILLER BINOYA (hereinafter referred to as the "Lender")
AND
(hereinafter referred to as the "Borrower")
1. LOAN TERMS
The Lender agrees to lend the Borrower the principal sum of P20,000.00 (Twenty Thousand Philippine Pesos).
- Principal Amount: P20,000.00
- Interest Rate: 7% per month on the principal amount.
- Total Interest: P7,000.00 over the term of the loan.
- Total Amount Payable: P27,000.00
2. REPAYMENT
The Borrower agrees to repay the Total Amount Payable in ten (10) installments over a period of five (5) months.
- Installment Amount: P2,700.00
- Payment Schedule: Payments are due on the 7th and 22nd day of each month.
- First Payment Due Date: August 22, 2025
- Final Payment Due Date: January 7, 2026
3. LATE PAYMENTS
If the Borrower fails to make a payment on or before its due date, a late fee of P150.00 will be charged for each late payment.
4. GOVERNING LAW
This Agreement shall be governed by and construed in accordance with the laws of the Republic of the Philippines.
5. ENTIRE AGREEMENT
This document represents the entire agreement between the parties and supersedes any prior oral or written agreements.
ACKNOWLEDGMENT
By signing below, the parties acknowledge that they have read, understood, and agree to the terms and conditions of this Loan Agreement.
LENDER:
GUILLER BINOYA
BORROWER: