Loan Extension Agreement Template.

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Loan Extension Agreement: A Guide​

A Loan Extension Agreement is an instrument that pushes forward the maturity date of a loan so that the borrower has more time to pay back. Moreover, it enables the lender and the borrower to adjust other terms that they find necessary. This article discusses this agreement in detail, including how it can be used, a sample agreement, and a video that provides more insights.

What Can Loan Extension Agreement be Used For?​

A Loan Extension Agreement can come in handy in various types of loans. These types include:

• Auto loans;
• Business loans;
• Construction loans;
• Mortgages;
• Payday loans;
• Personal loans; and
• School loans.

A Sample Loan Extension Agreement​

Here is a sample of a Loan Extension Agreement:

LOAN EXTENSION AGREEMENT​

I. THE PARTIES. This Loan Extension Agreement (“Extension”) made this [DATE], is by and between:

Borrower: [BORROWER’S NAME] with a mailing address of [ADDRESS] (“Borrower”), and

Lender: [LENDER’S NAME] with a mailing address of [ADDRESS] (“Lender”).

Borrower and Lender are each referred to herein as a “Party” and, collectively, as the “Parties” and agree to the following:

II. ORIGINAL NOTE. This Extension is amending a loan agreement that exists between the Parties for borrowed money equal to $[AMOUNT] that was given to the Borrower on [DATE] (“Original Note”).

III. EXTENSION. The Parties agree to extend the maturity date mentioned in the Original Note to the date of [MATURITY DATE] (“Extension Date”).

IV. ADDITIONAL TERMS. The Parties agree to: (check one)

☐ – No additional terms.

☐ – The following additional terms: [ADDITIONAL TERMS & CONDITIONS]

The Parties agree that all the other terms and conditions of the Original Note shall be in effect.

IN WITNESS WHEREOF, the Parties have indicated their acceptance of the terms of this Agreement by their signatures below on the dates indicated.

Borrower’s Signature: ________________________ Date: _____________
Print Name: ________________________

Lender’s Signature: ________________________ Date: _____________
Print Name: ________________________

Video on Loan Extension Agreement​

Watch this video to learn more about Loan Extension Agreements:

Frequently Asked Questions (FAQs)​

What Is a Loan Extension Agreement?​

A Loan Extension Agreement is an instrument used to extend the maturity period of a current loan agreement between a borrower and a lender.

Can the Parties Agree to Modify Other Terms?​

Yes. The lender and borrower can choose to adjust other terms of the agreement as necessary.

What Types of Loans Can This Agreement Be Used For?​

A Loan Extension Agreement can be used for various types of loans, including auto loans, business loans, mortgages, personal loans, and school loans.

Who Prepares the Agreement?​

The borrower or lender can prepare the agreement mutually, and both parties have to sign the document to make it valid in the court of law.

What Is Included in a Loan Extension Agreement?​

A Loan Extension Agreement contains information about the name(s) of the borrower and the lender, the amount borrowed, the date, and the maturity period of the original loan agreement. Furthermore, it should also include the new maturity date and any other changes to the terms of the original agreement.

• Loan Extension Agreement Template Download