Whether you are an individual giving a personal loan to a friend or a commercial bank lending to its client, it is advisable to have a legally binding contract that spells out the terms of the loan. To ensure all areas are covered in the document, you need to follow these best practices.
Title: The title identifies the document and lets anyone who reads it understand what it is. Personal loans may have a simple title like “Loan Agreement.” Commercial banks on the other hand will include their logo, address as well as the title that identifies the document.
Parties: The lender and the borrower need to be identified in the document. This requires the full legal name is used as well as a physical address and contact details like phone number and email.
Dates: The date on which the loan is offered needs to be included as well as when the borrower is expected to commence payment.
Amount: The amount of money being lent should be indicated as well as the interest expected, the total sum to be paid at the end of the term as well as installments that will be made.
Length of Term: The borrower needs to know how long they have to complete payment of the loan.
Collateral: If any collateral has been agreed upon, it should be mentioned.
Default Provisions: Sometimes a borrower may default on an installment, such a situation needs to be addressed in the agreement along with possible action that may be taken.
Cancelation Policy: Most banks have a cancellation policy and this needs to be stated and explained in the agreement.
Jurisdiction: Since different states have different laws on lending and borrowing, it is important to state the laws that apply to the agreement.
Signature: There should be space provided for the signatures of both parties as well as a witness or two.
Terms and Conditions: Some lenders may have certain conditions that need to be met before the loan can be advanced. For example, if the loan is for construction of a commercial building, they may require a certain percentage of the work to be completed before more money is imbursed. Such conditions need to be included in the document.
Loan agreements should be treated like other legal documents. Avoid fancy font styles and stick to simple but effective styles like Times Roman and Arial. The size should be legible between 10 and 12 point.
Use easy-to-understand terms and avoid any ambiguous statements that may be open to misinterpretation. It is also important to spellcheck the document. This avoids errors that may create confusion as well as provides a professional touch.
Digital signatures make closing the deal move faster and save money that might be spent on courier services. However, confirm first if digital and e-signatures are considered legally binding in the jurisdiction the agreement will be subject to.
To save time and ensure consistency and minimize error, use templates to design the document. Templates are usually designed by professionals or using an already created document as a blueprint for the template.
More corporations are using document automation software as a solution for creating different documents. Since the content of a loan agreement is mostly the same, automating the process is a great best practice especially when this document is used often.
Although the main color for this document is black and white, institutions like banks may choose to add their brand colors to the document. The background for the title may be colored as well as the footer and edges of the document. Color is mainly for branding purposes.
Loan agreements do not have to be very long, but they must capture all the important details of the agreement. The best way to ensure you do this is to plan the document and create a template for it. Templates are the best guides for generating perfect documents.
Windward offers the best automatic document generator that can help you create loan agreements in a matter of few seconds by using well-designed templates, conditional logic, and dynamic data from multiple datasources. Try Windward free before you buy for the next 30 days - download our free trial today.
Adds various capabilities such as inequalities,descending sort, joins, and other functions.
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SQL Select Debugger
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Added a Query tab as a field for typing or pasting in a select statement
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All tags using that Data source will be automatically updated with that name.
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New single interface to replace 2 separate dialog boxes
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Displays of all the tags in the template, structured as they are placed in the template. This provides a simple & intuitive way to see the structure of your template. Also provides the capability to go to any tag and/or see the properties of any tag.
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The ability to integrate the Windward Engine into Google’s cloud computing platform for developing and hosting web applications dubbed Google Applications Engine (GAE).
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This new integration will allow for processing of complex scripts and bi-directional text such as Arabic. Your PDF output will be much tighter and more closely match your template, and we’ll be able to respond rapidly to PDF requests and fixes.
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Includes support for new ForEach and slide break handling, table header row repeat across slide breaks, and native Microsoft support for charts and images.
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Tags are color coded in the template by type, making it easy to visually identify them.
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Version 13’s core code has been reworked and optimized to offer a reduced memory footprint, faster PDF generation and full documentation of supported features and limitations in the specifications for DOCX, XLSX and PPTX.
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Documents can include advanced Word image properties such as shadows, borders, and styles.
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Windward has updated HTML output to reflect changing HTML standards.
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Windward now works with a slew of new datasources: MongoDB, JSON, Cassandra, OData, Salesforce.com
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The Generate Code tool in the designer allows you to open an existing template and, with a click of a button, automatically create a window with the code needed to run your current template with all data sources and variables. Simply copy this code and paste into your application's code in the appropriate place. You now have Windward integrated into your application.
You only need to do this once. You do not do this for each template. Instead, where it has explicit files for the template and output, change that to parameters you pass to this code. Same for the parameters passed to Windward. This example uses explicit values to show you what to substitute in where.
Any pivot tables in an XLSX template are carried over to the XLSX output. The ranges in the pivot ranges are adjusted to match the generated output. So your final XLSX will have pivot tables set as expected in the generated file.
This makes creating an XLSX workbook with pivot tables trivial.
In an imported sub-template, if its properties for a style (ex. Normal) differ from the parent template's properties for the style, the use in the sub-template can be set to either use the properties in the sub-template, or the properties in the parent.
You set to retain when you don't want the child template's styling to change when imported. You set to use the parent when you want the styling of the imported template to match the styling in the parent.
Any explicit styling is always retained. This only impacts styling set by styles.
Tags can be placed in text boxes. Including linked text boxes. This gives you the ability to set the text in a textbox from your data.
Tags can be placed in shapes & smart art. This gives you the ability to set the text in a shape from your data.
When generating HTML output, the engine can either write bitmaps as distinct files the generate HTML references, or it can embed the images in the HTML providing a single file for the output.
You can place tags in pretty much any part of a template, including in footnotes & endnotes.
Any parts of a DOCX or XLSX (PowerPoint does not support this) file that are locked in the template, will be locked the same in the output.
If a font used in the template does not exist on the server generating a report, the font to substitute can be specified.
In addition, if a glyph to be rendered does not exist in the font specified, you can specify the replacement font. This can be set distinctly for European, Bi-Directional, and Far East fonts.
If you need this - it's essential. And if you don't need it, it's irrelevant.
Windward enables you to build a document by applying multiple datasources to the template simultaneously. When Windward is merging the data into a template, it processes the template by handling each tag in order, and each tag pulls from different datasources. (As opposed to processing all of one datasource, then processing the next.)
This allows the select tag to use data from another datasource in its select. For example, if you are pulling customer information from one data source, you can then pull data from the sales datasource using the customer ID of the customer presently processing to pull the sales information for that customer. If you're interested in patching together your data from multiple datasources, read this post on our blog.
