LawDepot's Loan Agreement template allows you to choose from the following methods of repayment:
Single repayment: The borrower repays the entire loan amount at once (either by a specific date or upon notice to repay).
Regular payments: The borrower repays the loan in weekly, monthly, or yearly instalments.
Other: You may specify a non-traditional method of payment, such as allowing the borrower to make payments as they are able.
Early repayment: In addition to the specified payment schedule, the borrower may make lump sum payments at any time in order to repay the loan early.
Interest: The lender may charge interest at a certain percentage rate that compounds weekly, every six months, or yearly. If the borrower fails to make a payment on time, the lender may increase the rate of interest or charge a late fee.