|Document Type:||Microsoft Word|
|Build Time:||5 Min|
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This document is a Secured Loan Agreement Template between one Company (the Lender) and one individual (the Borrower) who must put up an asset to be used as security in the event the Borrower defaults. This Secured Loan Agreement Template is delivered in minutes in a Microsoft Word format, allowing you to make changes easily after purchase.
LawLive also offers other Secured loan templates.
Secured Loan Agreement Templates differ from Unsecured loans by allowing the Borrower to put up an asset as ‘Security’ for the loan, meaning that if the Borrower defaults on the loan then the Lender can take control of the asset to sell or perform other tasks in an attempt at recovering any outstanding money.
A secured loan is a great way for a Lender to be confident in the recovery of monies which they have lent to a Borrower. Having a Borrower provide security for a loan also encourages the Borrower to keep on top of payments and to take the loan seriously.
Since January 2012 the rules relating to the registration of charges, mortgages over personal property and other securities given by companies have changed.
All securities over personal property (with a few exceptions) are now regulated by the Personal Properties Securities Act (Cth) 2009. Accordingly the Security granted under this Secured Loan Agreement must be registered on the Personal Property Securities Register (“the PPS Register”).
If your loan is not being secured against an asset owned by the Borrower then you should use an Unsecured loan, click here to view LawLive's range of Unsecured Loans.
This document should not be used if you are securing a loan with property or real estate, if you are wishing to enter into such an agreement you should seek a solicitor.