Document background
The Contract For Personal Loan is essential for documenting personal lending arrangements in Singapore. It provides legal protection for both lender and borrower by clearly defining loan terms, repayment obligations, and consequences of default. This contract type must comply with Singapore's strict lending regulations, including the Moneylenders Act and Consumer Protection laws. It's particularly important for ensuring interest rates remain within legal limits and that all parties understand their rights and obligations. The document typically includes loan amount, purpose, interest calculations, payment schedules, and any security arrangements.
