If one person acknowledges the receipt of a certain amount of money from an insurance or lending company, then he would likely be signing a simple loan receipt as proof of acknowledgment. Loan receipt is no different from other commercial forms or receipt samples circulating around the society for its main and crucial purpose is to serve as a confirmation that a money has been released and received in actual.
These types of receipts are quite different from a Constructive Receipt of Income and Deposit Receipt, but no less important. To those who are in need of several loan receipt templates such as Personal, Sample, and Temporary, find some samples below.
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What is Loan Receipt Agreement?
Loan receipt agreement is a kind of contract involving two to three parties, in which one party has requested for a loan from the second party. The concept can be explicitly detailed via some two sample scenarios below:
- In civil cases, this is when one person is allowed to loan money from the other person without interest, and the money will be returned only when he is able to receive money from the liable party;
- In some commercial cases, when the assured person has received money from an insurance company and the latter can only be paid once the assured person gets his shares from the third party. Once payment is received, the insurance company can issue Payment Receipt (see: Payment Receipt Templates) in return.
How to Write Loan Payment Receipt?
Various templates for loan payment receipt have been made available online, and among their commonalities which must be accurately filled up by the loan recipient are as follows:
- Received from, which signifies the name of the company which issued or released the money
- The sum, that is, the amount or monetary value that is involved in the transaction
- Stipulations, or the terms and conditions which are legal and binding.
- Date, as to when the transaction has transpired.
- Recipient, or the person who has acknowledged to have received the money. The person or entity may then issue money receipt in return (Payment Receipt Templates).
- Contact details of the recipient.
Employee Loan Receipt
Terms and Conditions for Loan Receipts
In most cases, the following terms and conditions are considered part of every loan receipt agreement entered upon by two parties, to wit:
- Manner of Disbursement of the amount loan, which usually refers to how the company or issuer would release the money to the borrower;
- Calculation and payment of interest and other charges, which must be agreed by both parties. Both parties, further, are encouraged to issue receipts. You may check Printable Receipt Templates for further details.
- Schedules of repayment, which corresponds to specific dates as to when the borrower would pay the lender.
- Obligations of the borrower, which include other conditions aside from the actual paying of the amount involved.
- Cancellation, which refers to declaring the said agreement as completed, done, null and void, depending on the very reason why the agreement has come to an end.
- Other terms and condition, which refer to other factors as deemed necessary for the consummation of the contract.
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