LOAN CONTRACT

KNOW ALL MEN BY THESE PRESENTS:

This LOAN CONTRACT, made and entered into this ____ day of
_____________, __________ in __________, Philippines, by and between:

       ________________ of legal age, Filipino, married/single/widow and a

resident of ___________________________, Philippines, hereinafter
referred to as the “CREDITOR”;

- AND -

_____________________, of legal age, Filipino, with residence and postal

address at ________________________________________, Philippines,
hereinafter referred to as the “DEBTOR”.

WITNESSETH:

WHEREAS, the Debtor has requested a loan of

_____________________________________________, Philippine Currency
(Php________________) (the “Loan”) from the Creditor;

WHEREAS, the Creditor has agreed to extend a loan to the Debtor,

subject to the terms and conditions set forth herein;

NOW THEREFORE, for and in consideration of the foregoing premises

and of the mutual covenants and agreements herein stated, the Parties
agree as follows:

TERMS AND CONDITIONS: 

1. LOAN AMOUNT. The total amount of money being borrowed from the
Lender to the Borrower is Php____________________________ (“Borrowed
Money”).

2. INTEREST RATE. The Borrowed Money shall be subject to Five (5%)

Percent Monthly Interest.

☐ – Bear Interest. The Borrowed Money shall bear interest at a rate of 5%

compounded: (check one)

☐ – Annually
☐ – Monthly
☐ – Other: ___________________________________________

☐ – NOT Bear Interest. There shall be no interest associated with the

Borrowed Money. The Borrower’s only obligation to the Lender is to repay
the principal balance.
3. TERM. The total amount of the Borrowed Money, including principal and
interest, shall be due and payable on
_________________________________ (“Due Date”).

4. PAYMENTS. The Borrower agrees to repay the Borrowed Money to the

Lender under the following payment schedule: (check one)

☐ – Weekly Payments. The Borrower agrees to repay the Lender on the

_______________________________________ of each week until the Due
Date.
☐ – Monthly Payments. The Borrower agrees to repay the Lender on the
_______________________________________of each month until the Due
Date.
☐ – Lump Sum. The Borrower agrees to repay the Lender, in full, on
_______________________________________ the Due Date.
☐ – Other. [OTHER]

Hereinafter known as the “Payment Schedule.” All payments made by the

Borrower shall be first applied to any accrued interest and second to the
principal balance.

5. LATE PAYMENT. If the Borrower is late by more than Five (5) days for
any payment due, it shall be considered late. If a payment is late, the
Borrower shall be: (check one)

☐ – Charged a Late Fee. The Borrower shall be charged a late fee equal
to: ______________________[LATE FEE AMOUNT]

☐ – Not Charged a Late Fee. The Borrower shall not be charged a late fee.

6. SECURITY. As part of this Agreement, the Borrower agrees to: (check

one) 

☐ – Pledge Security. The Borrower agrees to secure this Agreement by

pledging the following collateral: [DESCRIBE]
_____________________________________________________________
_______ (“Security”).

In the event the Borrower defaults under this Agreement, the Lender shall
obtain possession of the Collateral: (check one)

☐ – In its entirety and without discount to the amount owed.

☐ – Equal to the amount owed of which a sale may be required.

☐ – Not Pledge Security. This Agreement shall not be secured by any

property or asset of the Borrower.

7. ACCELERATION. The Lender shall have the right to declare the

Borrowed Money to be immediately due and payable, including interest
owed, if any of the events are to occur:

a.) Late Payment. If any payment is late that is due under the Payment
Schedule of more than 15 days;
b.) Default. If the Borrower should default on any of the conditions of this
Agreement; or
c.) Security. If assets or property that are pledged as Security as part of
this Agreement are transferred or sold.

8. ASSIGNMENT. This agreement shall be binding upon and enforceable on

the Debtor and the Creditor and their respective successors and assigns. The
Debtor shall not assign or transfer its rights or obligations hereunder without
the prior consent of the Creditor.

9. SEVERABILITY. If any provision of this Agreement or the application

thereof shall, for any reason and to any extent, be invalid or unenforceable,
neither the remainder of this Agreement nor the application of the provision
to other persons, entities, or circumstances shall be affected, thereby, but
instead shall be enforced to the maximum extent permitted by law.

10. GOVERNING LAW. This Agreement shall be construed and governed by

the laws of the Republic of the Philippines. (“Governing Law”) and any suit
arising from this agreement shall be exclusively filed in the judicial courts of
the Municipality of Molave, Zamboanga del Sur.

IN WITNESS WHEREOF, parties herein affixed their signatures on

the date and place above written.

Borrower’s Signature: _____________________ Date: _____________

Print Name: _______________________________

Creditor’s Signature: _____________________ Date: _______________

Print Name:

GUARANTOR ADDENDUM

The Guarantor, known as

___________________________________________, agrees to be liable
and pay the Borrowed Amount, including principal and interest, in the event
of the Debtor’s default. The Guarantor agrees to be personally liable under
the terms and obligations of the Debtor in this Agreement.

Guarantor’s Signature: _____________________ Date: _____________

Print Name: _______________________________

Signed in the presence of:

_____________________________     _____________________________
[Witness 1]                                                                 [Witness 2]

  

ACKNOWLEDGMENT

Republic of the Philippines)

Molave, Zamboanga del Sur) SS.

BEFORE ME, a Notary Public for the City of _____________ and the
Province of _______________, this _______ day of _________________,
20___, personally appeared the following:

Name: CTC No./ I.D. No. Date & Place

Issue:

___________________________________ ____________________

________________________
___________________________________
____________________

all known to me to be the same persons who executed by the foregoing

instrument and they acknowledged to me that the same is their free and
voluntary act and deed.

WITHNESS MY HAND AND SEAL this_________day of

_________________________________ at Molave, Zamboanga del Sur,
Philippines.

Doc. No. _______;

Page No. _______;
Book No. ______;
Series of _______.