Document background
The Individual Loan Agreement is a fundamental legal document used in Hong Kong's lending landscape when extending credit to individual borrowers. It serves as the primary contract governing the lending relationship, ensuring compliance with Hong Kong's Money Lenders Ordinance (Cap. 163) and associated regulations. This document is essential for both licensed money lenders and financial institutions, incorporating mandatory provisions required by Hong Kong law, including statutory warning statements, interest rate calculations, and personal data protection clauses. The agreement is structured to protect both lender and borrower interests while maintaining transparency in terms of obligations, repayment schedules, and consequences of default. It's particularly relevant in scenarios ranging from personal loans and home financing to education loans and debt consolidation, requiring careful attention to Hong Kong's regulatory requirements and market practices.
