Sample Employee Loan Agreement Promissory Note
This Loan Agreement Promissory Note (the “Agreement”) is made effective as of January 15, 2060, by and between:
Lender:
Global Enterprises Inc.
123 Business Blvd, Suite 500
Metropolis, MA 02123
Borrower:
[Your Name]
456 Oak Street
Hometown, MA 02145
1. Loan Amount and Terms
The Lender agrees to loan the Borrower the sum of $10,000 (the "Loan Amount") for personal use. The Borrower agrees to repay the Loan Amount under the following terms:
Loan Amount: $10,000
Interest Rate: 5% per annum
Repayment Start Date: February 1, 2060
Repayment End Date: February 1, 2065
Payment Frequency: Monthly
Payment Amount: $200 per payment.
2. Repayment Terms
The Borrower agrees to repay the Loan Amount as follows:
Payments will be $200 monthly, starting February 1, 2060.
Subsequent payments will be due on the 1st of each month.
The final payment is due on February 1, 2065.
In the event of a missed payment, the Borrower will be required to pay a late fee of $25 for each missed payment.
3. Prepayment
The Borrower may prepay the Loan Amount at any time, in full or in part, without penalty. Any prepayments will be applied toward the principal balance.
4. Late Payments and Default
In case of default, defined as failure to make a payment within 30 days after the due date, the full remaining balance of the Loan Amount will be immediately due and payable. The Lender reserves the right to take legal action to recover the loan balance, including but not limited to seeking collection or pursuing other remedies under the law.
5. Employer’s Rights and Responsibilities
6. Governing Law
This Agreement shall be governed by and construed following the laws of the state of Massachusetts, without regard to its conflict of law principles.
7. Signatures
By signing this Agreement, both parties acknowledge that they have read, understood, and agree to the terms outlined in this document.
Lender (Employer):
Signature:
Name: Sarah Williams
Title: HR Manager
Date: January 15, 2060
Borrower (Employee):
Signature:
Name: [Your Name]
Date: January 15, 2060
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