New York · Standard edition

New York Loan Agreement Template

Create a New York personal loan agreement online for a loan between family, friends, or other private parties. The Standard agreement covers the loan amount, repayment date, interest and the New York usury limit, prepayment, late payment, default and acceleration, collection costs under New York attorneys' fees rules, and borrower representations.

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New York rules built into this template

  • Interest limit: the maximum rate for many non-exempt private loans in New York is generally 16% per year (civil usury), and interest of 25% or more is criminal usury (N.Y. Gen. Oblig. Law § 5-501; N.Y. Banking Law § 14-a; N.Y. Penal Law § 190.40).
  • Attorneys' fees: In New York, if the borrower is an individual borrowing primarily for personal, family, or household purposes, the borrower has a matching right to recover attorneys' fees if the lender breaches the loan agreement or the borrower successfully defends an action on it, and that right cannot be waived (N.Y. Gen. Oblig. Law § 5-327).
  • Savings clause: any interest or charge above the legal maximum is reduced to that maximum, and any excess paid is credited to principal or refunded.

What the Loan Agreement includes

  1. Loan
  2. Repayment
  3. Interest
  4. Maximum Lawful Rate
  5. Prepayment
  6. Late Payment
  7. Events of Default
  8. Remedies
  9. Collection Costs
  10. Security
  11. Borrower Representations
  12. Waivers
  13. Transfer
  14. Notices
  15. State Law
  16. General Provisions
  17. Governing Law

Frequently asked questions

What is the maximum interest rate on a personal loan in New York?
For many non-exempt loans between private parties, generally 16% per year (civil usury), and interest of 25% or more is criminal usury (N.Y. Gen. Oblig. Law § 5-501; N.Y. Banking Law § 14-a; N.Y. Penal Law § 190.40). Different limits or exemptions may apply depending on the lender, the purpose, and the amount of the loan.
Can a lender recover attorneys' fees on a loan in New York?
In New York, if the borrower is an individual borrowing primarily for personal, family, or household purposes, the borrower has a matching right to recover attorneys' fees if the lender breaches the loan agreement or the borrower successfully defends an action on it, and that right cannot be waived (N.Y. Gen. Oblig. Law § 5-327).
What is the difference between the Standard and Professional Loan Agreement?
The Standard edition is a complete, state-aware Loan Agreement for common situations. The Professional edition adds longer clause coverage, schedules, and optional modules for more complex matters. You can preview either edition free before you pay.

Loan Agreement templates for other states

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