Personal Loan Agreement — Step 7 of 10 — Online Contracts UK
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💷 Personal Loan Agreement
Step 7/10
Step 7 of 10
Default Provisions
Events of default include
*
Select…
Missed payment of 14+ days
Missed payment of 30+ days
Insolvency or bankruptcy
Breach of any term in this agreement
All of the above
Default interest rate (on overdue amounts)
Select…
Same as loan rate
Loan rate + 2%
8% per annum (statutory)
No default interest
On default — full loan becomes immediately repayable?
*
Select…
Yes — acceleration clause applies
No — lender can only claim overdue instalments
Notice required before default action
Select…
7 days written notice
14 days written notice
28 days written notice
No notice required
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