Even though a contract is not that complicated, there are still several things that need to be taken into consideration when you write your loan agreement. One of these is the fact that some contracts don’t follow the most basic and most common accounting principles.
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To avoid being rejected from a loan, you have to ensure that your simple loan agreement template meets all the basic principles of basic accounting. And by that, I mean that you must clearly define what is the purpose of the entire contract and how it is supposed to work out.
The purpose of the common contracts is not to allow for negotiation and offering of additional amounts in payment. However, in simple loan agreements, you need to clearly state whether the purpose of the agreement is to acquire more time to repay the borrowed amount, to return or cancel the borrowed amount, or to close the existing loan agreement. By clearly stating what the purpose of the contract is, it makes the negotiation process easy.
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Most common contracts indeed use basic accountants and accounting methods, but it isn’t quite enough to help you gain the approval of the contract. Another thing that should be taken into consideration is the fact that you shouldn’t take much cost for too little value. Most of the other contracts that you’ll find out there don’t follow this principle, and the result is that you get poor value for your money.
When writing your simple loan agreement template, you’ll need to determine the extra fee that you are going to charge as a penalty to borrowers, if they fail to meet their payments on time. For example, you might want to increase the price of the monthly maintenance fee by 5% for every month a borrower misses their payments.
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In simple loan agreement templates, you will want to mention whether you can move the money within the next few days. You can even set the date by which the borrower will pay their monthly maintenance fee if they are not in full payment. The more detailed the contract is, the more you can limit your application fees to lessen your chances of being rejected.
Other important clauses in simple loan agreement templates are the clauses that indicate the interest rate that you will charge. Generally, you should only include those specific interest rates when you are writing the contract. These will vary from lender to lender, so you need to be very careful in writing your simple loan agreement template.
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