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hi today we will go through the eight key terms in a loan agreement and what you should consider about each of them number one interest in a loan agreement the interest clause is crucial as it sets out the interest rate on your loan there are two main types of interest rates fixed fee rates and floating fee rates a fixed fee rate is set at a given number which will not change during the course of the loan example eight percent fixed meanwhile a floating fee rate is based on an interest rate margin added to a benchmark rate example three percent plus the benchmark rate basic loan agreements generally use a fixed rate fee interest is normally payable at either the end of each interest period generally a 3 6 or 12 months period or at the term of the loan number 2 default interest a well-drafted loan agreement will also contain a default interest clause this clause increases the interest rate that is payable on amounts which are not paid when they fall due the default rate must accurately
