Document background
The Personal Loan Agreement With Notary is essential for formalizing personal lending transactions in Nigeria, providing a legally robust framework for both lenders and borrowers. This document is typically used when parties require a higher level of security and authenticity in their lending arrangement, particularly for significant loan amounts or when institutional lenders are involved. The agreement must comply with Nigerian contract law, the Money Lenders Act, and notarial requirements, making it particularly suitable for formal lending situations where legal enforceability is paramount. It includes comprehensive details about the loan terms, repayment schedule, security arrangements, and default provisions, while the notarial authentication adds an extra layer of credibility and helps prevent future disputes about the document's authenticity or the parties' intentions.
