Peer-to-Peer Loan Promissory Note
Date: January 15, 2060
Loan Amount: $10,000.00
Borrower Information:
Name: Michael Johnson
Address: 789 Maple Drive
City, State, Zip Code: Springfield, IL 62701
Phone: (555) 234-5678
Lender Information:
Name: [Your Name]
Address: 321 Pine Street
City, State, Zip Code: Springfield, IL 62702
Email: [Your Email]
Loan Terms:
Principal Amount: The Borrower promises to pay the Lender the principal sum of Ten Thousand Dollars ($10,000.00) (the “Loan Amount”).
Interest Rate: The Loan Amount will accrue interest at an annual rate of 5.0%, calculated on a simple interest basis.
Payment Schedule: The Borrower agrees to make monthly payments of $200.00 starting on February 15, 2060, and continuing on the 15th of each subsequent month until the Loan Amount and all accrued interest are paid in full. The final payment will be due on January 15, 2063.
Prepayment: The Borrower may prepay all or any part of the Loan Amount without penalty. Any prepayment will first be applied to accrued interest and then to the principal.
Late Payment: If the Borrower fails to make a payment within 15 days of the due date, a late fee of $50.00 will be assessed. If the payment is more than 30 days late, the remaining balance will become due immediately at the Lender's discretion.
Default: In the event of default, the Borrower agrees to pay all reasonable attorney fees and costs incurred by the Lender in enforcing this Note.
Governing Law: This Promissory Note shall be governed by and construed following the laws of the State of Illinois.
Signatures:
By signing below, both parties acknowledge and agree to the terms outlined in this Promissory Note.
Borrower Signature:
Michael Johnson
Date: January 15, 2060
Lender's Signature
[Your Name]
Lender
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