Making a loan contract is a type of expendable loan contract. In which the lender transfers ownership of the borrowed money in the specified amount to the borrower. and agreed to return the same amount as borrowed plus interest as agreed upon by the parties or as required by law.

Observations

1. Borrowing more than 2,000 baht or more if there is no evidence or contract or contract in any way Unable to sue and enforce the case. (Civil and Commercial Code, Section 653)
2. The interest rate must not exceed 15% per year (Civil and Commercial Code, Section 654). According to the Act, it is prohibited to charge interest in excess of the rate. If the interest rate is set to exceed 15% per year, the interest will be void.

In addition, compounding interest is prohibited except when the interest is unpaid for at least one year. The parties can agree to compound interest on the principal and then calculate interest on that compounded amount. However, there are some cases in which compound interest can be calculated, such as current account contracts. or in other trades similarly (Civil and Commercial Code, Section 655)

for the statute of limitations Suing for money under the loan agreement must be filed within the statute of limitations. The law stipulates that the lawsuit must be filed within 10 years from the date the refund is due. Therefore, making a loan contract is important. and is extremely necessary For those who lend money and those who request a loan, if they do not make a lender contract You may not receive a refund. And those who apply for a loan may be at a disadvantage in terms of interest and excessive repayments. Making a contract is very important.

Steps for making a loan contract

In fact, you can write a loan contract yourself. No need to go buy at the store. or various department stores, because the loan contract has a few important details. You can write it yourself, but you must include the following details:

1. The date of the loan contract
2. Name of the person requesting the loan and the lender of the money
3. Loan amount
4. Payment due date (optional or not)
5. Interest (not more than 15% per year or 25% per month)
6. Borrower's signature
7. Lender's signature (It may or may not be there.)

Additionally, if you want to write simply It can be done. Just write that Mr. A has borrowed money from Mr. B in the amount of xxx baht and sign the name of Mr. A, the borrower. This is considered evidence of the loan. By evidence of the loan Can be written by hand Or from a computer can be done. However, borrowing money with a mortgage of land as collateral does not require a loan contract. and can be brought to court in the case that the borrower can default on payments as well

Example loan contract

As for the guarantor It is a third party who is not the debtor or creditor and may be one person or many people. He entered into a contract with the creditor to repay the debt to the creditor. If the debtor does not pay the debt By outsiders this is called “Guarantor” Civil and Commercial Code, Section 680, paragraph 2, provides that “a contract of guarantee, if there is no written evidence of any kind For one thing, the guarantor's signature is important. You can't sue for enforcement.” A guarantee contract must be in writing specifying who is guaranteeing what debt, how much is the guaranteed value. Within the specified time? Sign the guarantor's name and give it to the creditor as important evidence.