In order to take a loan in a microfinance organization, you need to familiarize yourself with the terms of the loan and make sure that they will be executed properly. The guarantee of such relationships, both for the borrower and for the organization issuing the loan, becomes a loan agreement. This document establishes certain obligations and opportunities throughout its duration.
Like any other contract, whether the provision of cellular services or the Internet, this document should clearly and clearly describe all possible conditions that will govern the actions of the signatories.
What to look for when you sign a loan agreement
As a rule, this is a document consisting of several pages with a set of tedious text. When the manager sends it to you for review, you can get confused and the desire to read the text on paper is pretty much lost. An employee of the company can prompt to pay attention to certain items and not read everything from cover to cover. But it is better not to be lazy and get acquainted with all sections, paying special attention to the following information:
– loan amount and cost of its use (interest rate)
– loan terms
– specific date or exact date of each payment
– sanctions that can be applied in case of non-compliance.
Loan agreement for individuals and legal entities
The conditions that should be paid attention to individuals and legal entities are described above. In contrast to the contract for ordinary citizens, the document that is issued when issuing a microloan company is much larger. It will reflect additional controversial issues that may arise in the process of interaction. Also will be described methods for solving such moments.
In addition to the points described above, in the loan agreement for Jur. Persons should be added such information:
– internal number of the company registry
– rights and obligations of the parties
– Force Majeure
– reference to the confidentiality of the information specified in this document.
If the borrower intentionally refuses to fulfill his obligations under the contract he has signed, the lender may go to court to protect his rights.
Carefully read the contract before you sign it. Fulfill your obligations under the contract on time and properly. This will contribute to your peace of mind and protect from financial difficulties.
To take a loan in our organization means to be confident in the performance of all the conditions specified in the contract.