Contract For Monthly Payments

Monthly Payments Contract

This contract (“Contract”) is an agreement between {Name}, henceforth known as “Borrower,” and {Name}, henceforth known as “Lender.”

Lender has agreed to loan {amount} to Borrower, for the purpose of {purpose} to be disbursed on {date}. Interest {will/will not} be charged in the amount of {percentage} that {will/will not} compound.

Monthly payments will be made toward the Loan as follows:

• Payments will be made in the amount of {amount} on the {Xth} day of each month.
• The first payment from the Borrower will be due on {date}.
• Payments will be remitted via {payment method}.
• {Number} payments will be made in total.
• The final date for repayment will be {date}.
• Payments will be considered later on {Xth day of month} and {consequence}.

Borrower and Lender agree to the conditions above, and sign to that effect on the {date} day of {month}, {year}.

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Borrower, signature & date

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Lender, signature & date

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