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Loan Agreement

Loan Agreement
When preparing an Agreement for Consumer Cash Loan, the lender must verify that the borrower’s identity is properly specified in the promissory note. It is advisable for the lender to carry out due diligence regarding the borrower’s financial status and enter into a collateral agreement to take security for the loan. It is also advisable that the promissory note be notarized for its evidential admissibility and for safekeeping.
When preparing an Agreement for Consumer Cash Loan, the borrower must verify that the lender’s identity is properly specified in the promissory note. It is advisable that the promissory note be notarized for its evidential admissibility and for safekeeping. Meanwhile, if the borrower makes repayment in due course, he or she must receive a receipt from the lender and keep the receipt for a reasonable period of time to prevent double repayment of the same loan. The borrower should beware of illegal debt collection.

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  •    To view the original text of the statutes in English,
       use the English-Version Statutes of the Korea Legislation Research Institute (KLRI).

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