CONTRACT OF LOAN

KNOWN ALL MEN BY THESE PRESENTS:

This Contract of Loan is entered into by and between:
[Name], of legal age, Filipino, married to [Name of Spouse], with address at
__[Address]__ , hereinafter referred to as the CREDITOR;
-and[Name], of legal age, Filipino, single, with address at __[Address]__ , hereinafter
referred to as the BORROWER;
WITNESSETH:
WHEREAS, the BORROWER proposed that the CREDITOR extend a loan to the
former and the latter accepted the proposal;
WHEREFORE, IN VIEW OF THE FOREGOING, the parties agreed to the
following terms and conditions:
1. PRINCIPAL LOAN AMOUNT. The CREDITOR will lend to the BORROWER the
amount of __[Amount in words]__ Philippine Pesos (Php _____________) only.
2. INTEREST. There shall be an interest of Three Percent (3%) per month on the
principal amount of __ [Amount in par 1] __ .
3. PAYMENT TERMS. The principal amount of__ [Amount in par 1] __ shall be
payable after six (6) months from the date of this contract while the Three Percent
(3%) monthly interest shall be payable as follows:
Amount
1 monthly interest
2nd monthly interest
3rd monthly interest
4th monthly interest
5th monthly interest
6th monthly interest
st

Due date

4. POST-DATED CHECKS. Upon signing by the parties of this Contract, CREDITOR

will give the __[Amount in in par 1]__ referred to above in exchange for
__[Number]__ post-dated checks covering the principal amount and the amounts
for the six (6) monthly interest payments referred to in the preceding paragraph.
5. DEFAULT. In case BORROWER fails to pay any outstanding installment on due
date for any reason, including that of the bouncing of any of the above-mentioned
checks, BORROWER is liable for additional penalty of THREE PERCENT (3%) based
on the outstanding obligation on a particular month unless CREDITOR waives
such penalty if BORROWER requests for it and the former agrees.
6. CHOICE OF VENUE. In case of litigation, the parties agree to file the appropriate
legal action only in the courts of Quezon City.

IN WTINESS THEREOF, the parties have hereunto set their signatures this
__[date]__ day of ________ 20___ in __[City/Municipality]__ , Philippines.

CREDITOR:

BORROWER:

[Signature]
[Name]

[Signature]
[Name]

Witnesses:

[Signature]
[Name]

[Signature]
[Name]

ACKNOWLEDGEMENT

REPUBLIC OF THE PHILIPPINES)

CITY OF________________________) S.S.

BEFORE ME, a Notary Public for and in the City of _______________, Philippines
this __[date]__ day of ________ 20___ , the following personally appeared with their
Competent Evidence of Identity, to wit:
Name

ID Type/No.

Date/Place Issued

Known to me and to me known to be the same persons who executed this Contract of
Loan, consisting of three (3) pages including this page, acknowledged to me that the
same is their free and voluntary act and deed.
WITNESS MY HAND AND SEAL on the date and place first above written.

NOTARY PUBLIC
Until ____________.

Doc. No._;
Page No._;
Book No._;
Series of ____.