Use this free repayment agreement to help outline the terms and conditions for the repayment of a loan or debt.
Our templates are for general information only. You should not rely on them, and Juro is not liable for any reliance on them. The templates might contain errors, including unlawful provisions and might create risks and liabilities if used. The templates are not legal advice, nor a substitute for it. By accessing any template, you accept these terms and agree that any use is at your own risk. Some of these templates were created using generative AI with human-assisted prompts.
As businesses grow and financial transactions become more complex, the need for clear and concise repayment agreements becomes paramount.
Whether you're lending money to a business partner or setting terms for a personal loan, understanding the intricacies of a repayment agreement is crucial.
A repayment agreement is a legally binding contract between two parties, outlining the terms and conditions for the repayment of a loan or debt.
This type of agreement specifies the amount borrowed, the interest rate (if any), the repayment schedule, and any other relevant terms.
Repayment agreements are essential for clarifying the expectations of both the lender and the borrower, ensuring that both parties are on the same page regarding the loan's terms.
They are commonly used in both personal and business contexts, from simple personal loans between friends or family to complex business financing arrangements.
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An unsecured repayment agreement doesn't involve any collateral. This means the lender is relying solely on the borrower's promise to repay the loan.
On the other hand, a secured repayment agreement involves collateral, such as property or assets, which the lender can claim if the borrower defaults on the loan.
It's essential to understand the type of repayment agreement you're entering into, as secured loans typically have lower interest rates due to the reduced risk for the lender.
There are a fair few circumstances in which you can use a repayment agreement, a few of which we’ve listed below.
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Manually creating repayment agreements can be tedious and prone to errors. Modern businesses are turning to automation to streamline the process. Here's how:
Legal teams can set up standardized templates for repayment agreements, ensuring consistency and compliance.
Users can fill out predefined fields, generating legally compliant agreements without needing constant legal oversight.
Legal teams can review and approve agreements before they're finalized, ensuring all terms are correct.
Use eSignatures to finalize agreements quickly and securely.
Store all agreements in one place, making them easy to access and manage.
Traditional workflows can be time-consuming and difficult to work through. The four issues listed below are some of the most common for this type of contract
Put simply, there are four ways that automation addresses the above issues.
Fortunately, in today's digital age, it's uncommon for legal teams to be without a repayment agreement template.
Most businesses have already drafted templates for straightforward contracts like repayment agreements and have them stored in shared drives for financial teams to access.
Having a repayment agreement template on hand and ready for customization eliminates the need for financial teams to linger for the legal department's assistance when setting up a repayment plan with a client or employee. This expedites the process, ensuring timely and efficient financial arrangements.
Moreover, it ensures that the bulk of the repayment agreement terms remain consistent, minimizing the potential for errors and inconsistencies.
However, even if legal teams have a repayment agreement template at their disposal, there's still a significant amount of administrative work that financial teams must undertake to finalize them.
This becomes cumbersome as Word documents are static. Modifying a repayment agreement template often means generating new document versions and copying specific segments of the agreement into a fresh file to revise the terms.
Thus, even with a repayment agreement template available, handling these contracts manually can become a monotonous and lengthy task for financial teams.
Juro streamlines the entire contract procedure, allowing businesses to automate as much as 75% of contract administration and finalize repayment agreements up to ten times quicker.
If the creation and management of repayment agreements are posing challenges for your business, click the button below to discover how Juro can assist you today.
