North Carolina · Standard edition

North Carolina Loan Agreement Template

Create a North Carolina 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 North Carolina usury limit, prepayment, late payment, default and acceleration, collection costs under North Carolina attorneys' fees rules, and borrower representations.

Start your North Carolina Loan Agreement

North Carolina rules built into this template

  • Interest limit: the maximum rate for many non-exempt private loans in North Carolina is generally the greater of 16% per year or the monthly rate announced by the Commissioner of Banks (the six-month U.S. Treasury bill rate plus 6%) for loans of $25,000 or less, while larger loans may carry the rate agreed in writing (N.C. Gen. Stat. § 24-1.1).
  • Attorneys' fees: In North Carolina, attorneys' fees under a loan agreement are limited to 15% of the outstanding balance, and are recoverable only if the lender gives written notice and the borrower does not pay the outstanding balance in full within five (5) days after the notice is mailed (N.C. Gen. Stat. § 6-21.2).
  • 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 North Carolina?
For many non-exempt loans between private parties, generally the greater of 16% per year or the monthly rate announced by the Commissioner of Banks (the six-month U.S. Treasury bill rate plus 6%) for loans of $25,000 or less, while larger loans may carry the rate agreed in writing (N.C. Gen. Stat. § 24-1.1). 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 North Carolina?
In North Carolina, attorneys' fees under a loan agreement are limited to 15% of the outstanding balance, and are recoverable only if the lender gives written notice and the borrower does not pay the outstanding balance in full within five (5) days after the notice is mailed (N.C. Gen. Stat. § 6-21.2).
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

DraftMyDocu provides self-help document templates only. We are not a law firm and do not provide legal advice.

Start your North Carolina Loan Agreement