In the previous article, I outlined the basic information about a loan agreement. Now let's look at loan agreement, her requisites and main differences from the loan agreement. Act No. 89/2012 Coll., Civil Code adjusts credit in § 2395 et seq.

The contracting parties to this contract are called lending (formerly the lender, i.e. the party providing the loan) and credited (formerly the debtor, i.e. the party to whom the loan is provided). The subject of a loan agreement may be only cash (unlike a loan agreement, the subject of which can be any fungible thing). Another difference is, that the borrower is obliged to pay interest (on the other hand, a loan can also be interest-free).    

Credit agreement requirements

The Civil Code does not stipulate the form of a loan agreement, but the agreement is usually concluded in writing. (However, if it is a consumer credit, according to Act No. 257/2016 Coll., on consumer credit, Yippee always required in writing).  

The contract should include in particular:

• designation of the contracting parties,
• the lender's obligation to provide funds at the borrower's request,
• determining the loan amount,
• the borrower's obligation to repay the funds provided and pay interest, and
• loan maturity.

Loan agreement – ​​consensual agreement

The loan agreement is a consensual contract, which means that its conclusion will be based on the agreement of the parties on its content – whether written, oral or implied agreements (and therefore, it is not necessary to conclude a contract, as is the case with a loan contract, for the funds to actually be provided). The borrower has the right, not the obligation, to draw on the loan., so if the borrower does not request a loan, the loan may not be granted at all.

However, the parties may agree in the contract that if the borrower does not use up the loan (in whole or in part), the borrower is obliged to pay the lender compensation for the unutilized loan. The lender must have funds available in the agreed amount.so that he can provide them to the borrower at his request. 

záver

The basic difference between a credit agreement and a loan agreement is in the subject matter of the agreement, because in the case of a credit agreement, its subject only to lending fundsAnother difference is the fact that The loan always bears interest. Last but not least, it should be noted that the loan agreement is consensual and therefore arises already by its closure (regardless of whether funds are provided or not).    

Source: Leagle.One

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