Consumer Credit Agreement
1. Introduction
This Consumer Credit Agreement (the "Agreement") is made and entered into by and between the "Lender" and the "Borrower" as of the Effective Date specified below. This Agreement outlines the terms and conditions under which the Lender will provide credit to the Borrower.
2. Definitions
2.1 "Lender": The financial institution or individual providing credit under this Agreement.
2.2 "Borrower": The individual or entity receiving credit under this Agreement.
2.3 "Effective Date": The date on which this Agreement becomes effective.
2.4 "Credit Amount": The total amount of credit extended to the Borrower.
2.5 "Interest Rate": The rate at which interest will accrue on the outstanding balance.
2.6 "Repayment Schedule": The timeline and manner in which the Borrower is expected to repay the Credit Amount.
3. Credit Terms
3.1 Credit Amount: The Lender agrees to extend a credit amount of [Credit Amount] to the Borrower.
3.2 Interest Rate: The Borrower agrees to pay interest on the outstanding balance at an annual rate of [Interest Rate]%, calculated monthly.
3.3 Repayment Schedule:
Payments are to be made on a monthly basis.
The first payment is due on [First Payment Date].
Each subsequent payment shall be due on the [Day] of each month.
The entire credit, including accrued interest, shall be repaid by [Final Payment Date].
4. Borrower’s Representations and Warranties
The Borrower represents and warrants that:
They have the authority to enter into this Agreement.
The information provided in connection with this Agreement is accurate and complete.
They will use the credit extended herein for lawful purposes only.
5. Default
5.1 Events of Default: Any of the following shall constitute an event of default:
Failure to make a payment when due under this Agreement.
Filing of bankruptcy or insolvency proceedings by or against the Borrower.
Breaching any terms of this Agreement.
5.2 Remedies: In the event of default, the Lender may declare the entire unpaid balance, including interest, immediately due and payable.
6. General Provisions
6.1 Governing Law: This Agreement shall be governed by and construed in accordance with the laws of the State of [State].
6.2 Amendments: No amendment or modification to this Agreement shall be valid unless in writing and signed by both parties.
6.3 Entire Agreement: This Agreement constitutes the entire understanding between the parties and supersedes any prior agreements or understandings.
Signatures
This Agreement has been executed by the duly authorized representatives of Lender and Borrower as of the Effective Date.
Party A:
Party B:
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