If you are looking for a simple loan agreement template in Ontario, you are in the right place. A loan agreement is a legal document that outlines the terms and conditions of a loan between two parties, the lender and the borrower. Having a loan agreement in place can help protect both parties and ensure that the terms of the loan are clear and understood.

When creating a loan agreement, it is important to include key information such as the loan amount, interest rate, repayment schedule, and any late payment fees. It is also important to clearly define the purpose of the loan, such as for a specific purchase or business investment.

While there are many templates available online, it is important to ensure that the template you use is specific to Ontario laws and regulations. A simple loan agreement template for Ontario should include the following components:

1. Parties: Clearly identify the lender and borrower, including their full names and addresses.

2. Loan amount: Specify the total amount of the loan and the currency used.

3. Interest rate: Define the interest rate that will be charged on the loan, and whether it is a fixed or variable rate.

4. Repayment schedule: Outline the repayment schedule, including the amount and frequency of payments. If the loan is to be repaid in a single payment, specify the due date.

5. Late payment fees: Define any late payment fees that will be charged if payments are not made on time.

6. Security: Specify any collateral or security that is being pledged to secure the loan.

7. Governing law: Identify the law that will govern the loan agreement, which should be the law of Ontario.

Using a simple loan agreement template for Ontario can help ensure that your loan agreement is clear, legal, and enforceable. However, it is important to remember that each loan agreement is unique and may require additional clauses or information depending on the specific circumstances of the loan. It is always a good idea to seek legal advice before finalizing any loan agreement.