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What you get with this Hourlie
The contract is the one you would use if you were to lend a friend a few thousand pounds, or indeed if you were lending money to someone who has a business looking to raise funds for it from a private lender. It is not suitable for a lender using it for their business. You will need to contact us for bespoke loan agreement compliant with the CCA.
Simply tell us the answers in the second "what do you need from the Buyer to get started". We can then do the forms for you with the agreement.
The Consumer Contracts Regulations 2013 and The Consumer Rights Bill and the latest Consumer Rights Act, replace some key facts that you may have in your current terms and conditions. Whether they are for your online sales of electronic goods such as a website, or off site sales.
The project takes us a day to turn around and deliver to you if you have provided us with all the information.
We use a special programme as used within the financial industry to provide the figures and time frames.
What the Seller needs to start the work
You need to provide us with the:
1.Governing Law of where the loan is to be taken?
2. Who is the Lender?
3. Who is the Borrower(s) name, address.
4. The Principle of the Loan (amount),
5. Term (Demands, weeks, months, years, or on a date),
6. PAYMENT (Specific amount in a certain term, or Lumpsum, Interest only, Interest & Principle),
7. Dates of payment, (when, day, day of month, date of month),
8. Penalty for non payment (Interest cost),
9. DEFAULT,(what is to happen in the event?)
11. ANY ADDITIONAL CLAUSES,(we will tell you if they are allowable in law for the area of governing law)
12. EARLY REPAYMENT (cost if paid earlier than the schedule), for example a 6 year loan repaid in year 3 means you lose three years interest. There are rates in law that you have to give in rebate if its an interest and capital repayment. If its a decreasing balance loan, it is interest on the remaining balance.