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Informal Loan Agreement

Informal Loan Agreement Template for Hong Kong

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Key Requirements PROMPT example:

Informal Loan Agreement

"I need an Informal Loan Agreement for a family loan of HKD 500,000 to my sister, with monthly repayments starting March 2025 and a 3% interest rate, including early repayment options."

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Document background
The Informal Loan Agreement is designed for use in Hong Kong when parties wish to document a lending arrangement without the complexity of formal commercial loan documentation. It's particularly suitable for loans between family members, friends, small business owners, or private individuals who want to ensure their lending arrangement is properly documented while maintaining simplicity. The document includes essential elements required under Hong Kong law such as parties' details, loan amount, interest rate (within legal limits), repayment terms, and basic default provisions. While informal in nature, the agreement still provides adequate legal protection for both lender and borrower, ensuring compliance with Hong Kong's Money Lenders Ordinance and Contract Law principles. It's designed to be easily understood while maintaining legal enforceability.
Suggested Sections

1. Parties: Identifies and provides full details of the lender and borrower

2. Background: Brief context of the loan arrangement and relationship between parties

3. Definitions: Defines key terms used in the agreement

4. Loan Amount and Purpose: Specifies the principal amount being lent and its intended use

5. Interest Rate: States the applicable interest rate and calculation method

6. Repayment Terms: Details the repayment schedule, method, and currency

7. Default and Remedies: Describes what constitutes default and the lender's rights in such cases

8. Representations and Warranties: Basic statements of fact and promises by the borrower

9. Governing Law: Confirms Hong Kong law governs the agreement

10. Signatures: Space for parties to execute the agreement

Optional Sections

1. Security: Include when the loan is secured by any assets or collateral

2. Guarantor Provisions: Required if a third party is guaranteeing the loan

3. Early Repayment: Include if early repayment is allowed and any associated terms

4. Assignment: Include if either party may transfer their rights under the agreement

5. Costs and Expenses: Include if there are specific arrangements about who bears legal or administrative costs

6. Notices: Include if formal communication methods need to be specified

7. Privacy and Confidentiality: Include if sensitive financial information needs protection

Suggested Schedules

1. Repayment Schedule: Detailed breakdown of payment dates and amounts

2. Security Details: Description of any assets provided as security

3. Related Party Information: Details of guarantors or other relevant parties if applicable

4. Condition Precedents: List of conditions that must be met before the loan is provided

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant Industries

Financial Services

Small Business

Real Estate

Retail

Professional Services

Family Office

Private Wealth Management

Small Scale Manufacturing

Start-ups

Personal Services

Relevant Teams

Legal

Finance

Compliance

Corporate Secretarial

Risk Management

Private Banking

Wealth Management

Small Business Advisory

Corporate Finance

Business Development

Relevant Roles

Business Owner

Financial Manager

Company Director

Private Banker

Family Office Manager

Accountant

Legal Counsel

Corporate Secretary

Financial Advisor

Small Business Consultant

Wealth Manager

Finance Director

Industries
Money Lenders Ordinance (Cap. 163): Regulates money lending transactions in Hong Kong, including licensing requirements for money lenders and provisions protecting borrowers. Even for informal loans, understanding this helps ensure the agreement doesn't inadvertently violate lending regulations.
Law Amendment and Reform (Consolidation) Ordinance (Cap. 23): Contains provisions regarding contractual formalities and enforcement of agreements, particularly relevant for informal contracts and agreements relating to land or guarantees.
Interest Rate Ordinance (Cap. 449): Sets maximum interest rates that can be charged on loans in Hong Kong. Any interest rate specified in the loan agreement must comply with these statutory limits to be enforceable.
Anti-Money Laundering and Counter-Terrorist Financing Ordinance (Cap. 615): While primarily applying to financial institutions, understanding basic AML principles helps ensure the loan agreement doesn't facilitate money laundering.
Contracts (Rights of Third Parties) Ordinance (Cap. 623): Important for understanding how third parties might be affected by or gain rights under the loan agreement.
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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