Revolving Loan Agreement for Goods

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This Revolving Loan Agreement for Goods is between a small business or shop owner and its customers who pay for purchases through a revolving account. This agreement can easily be tailored to fit the unique needs of your business.

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This Revolving Loan Agreement for Goods is between a customer and a shop or small business owner who allows a customer to pay for purchases through a revolving loan account. This agreement sets forth the amount of the revolving charge and the customer's credit limit. It also sets forth the payment schedule, any finance charges and that the customer may prepay all or a portion of the account at any time. This type of agreement should be clearly set forth in writing and not via oral agreement. A written Revolving Loan Agreement will be useful in the event there are questions or disagreements about the specific terms of the arrangement.

This Revolving Loan Agreement includes:
  • Parties: Sets out the names of the business/shop owner and the customer;
  • Purpose/Promise to Pay: The customer will set up the account and promises to pay for any purchases through the debit of this account;
  • Credit Limit: Owner has the right to limit the amount of credit authorized to customer and to refuse credit at any time;
  • Account Statement: Owner will provide the customer with a detailed list of purchases made and the unpaid balance before the 5th day of every month;
  • Prepayment: Customer can prepay the balance of the account at any time without incurring any type of penalty;
  • Signatures: The small business/shop owner and customer must sign this agreement.

Protect yourself and your rights by purchasing this attorney-prepared form.

This attorney-prepared package includes:
  1. General Information
  2. Instructions and Checklist
  3. Revolving Loan Agreement for Goods
State Law Compliance: This form complies with the laws of all states
This is the content of the form and is provided for your convenience. It is not necessarily what the actual form looks like and does not include the information, instructions and other materials that come with the form you would purchase. An actual sample can also be viewed by clicking on the "Sample Form" near the top left of this page.
 
 
Revolving Loan Agreement

 

 
This Revolving Loan Agreement (“Agreement”) is made on this ____ day of ___, 20__ by and between _________ (“Shop Owner”) and ______________ (“Customer”) at _________ [place].
 
Recitals:
 
1.   The Shop owner deals in selling ___________________ and has a retail outlet situated at ______________________________.
 
2.   Customer desires to purchase _________ thereby creating a revolving loan account, which the Shop Owner has accepted on the terms and conditions set out in this Agreement.
 
NOW, THEREFORE, for and in consideration of the premises, the undersigned agree as follows:
 
1.   Purpose: The parties have created a revolving loan account under which the Shop Owner allows the Customer to buy a ____ quantity of ___ at ______ intervals and then debit the Customers Account for an amount of each purchase including any additional charges set out under this Agreement.
 
2.   Promise to pay: Customer agrees to make payments towards all such purchases in the said account periodically as stated in this Agreement and also agrees that he shall be bound by the terms and conditions and any additional documents that that are incorporated by reference into this Agreement.
 
3.   Credit Limit: The Shop Owner reserves the right to limit the amount of credit authorized to the Customer. Customer shall not incur credit in excess of the amount specifically authorized by the Shop Owner from time to time.  Further, the Shop Owner at his sole discretion reserves the right to refuse to extend credit, for any reason at any time.
 
4.   Account Statement: The Shop Owner shall provide the Customer with a detailed statement of the list of purchases made and any unpaid balance amount for the previous month under this Agreement, before 5th of every month.
 
5.   Payment Schedule:  No Finance Charge will be incurred if the total amount due is paid in full when due. If not so paid, a finance charge will be incurred on the past due balance at a periodic rate not to exceed the maximum amount permitted by law. Payments will be applied as of the date of receipt as follows: first, to previously billed and unpaid Finance Charges; second, to previously billed and unpaid amount and purchases; and third, to new purchases. The minimum monthly payment shall be the unpaid net charges for the total amount due divided by the number of monthly billing periods remaining as decided. In the event Customer exceed any credit limit as set forth herein, Customer shall pay the minimum payment due on the account plus the amount in excess of the current credit limit.  
 
6.   Prepayment:  The Customer may pay any part of or the entirety of the unpaid balance on the account at any time. There will be no prepayment charges for any prepayment made.
 
7.   Cancellation:  This Agreement may be cancelled at any time by either parties by giving a prior written notice to the other of such cancellation.  However, Customers obligation to repay any outstanding balance that is due to the Shop Owner shall continue even after such cancellation and the Shop Owner shall have every right to collect the indebtedness.
 
8.   Binding Agreement: This Agreement shall be binding on the Customer, its successors, assigns, and heirs, and shall inure to the benefit of the Shop Owner, its, heirs, successors and assigns.
 
9.   Governing Law:  This Agreement shall be construed in accordance with and governed by the laws of the State of _____________, and shall constitute the entire understanding between the parties to this Agreement.
 
IN WITNESS WHEREOF the parties hereto have caused this Agreement to be executed in two copies by their duly authorized representatives as of the date first above written.
 
SHOP OWNER               CUSTOMER
 
 
By: ___________________________________   By: ________________________________
 
 
 
 
Number of Pages6
DimensionsDesigned for Letter Size (8.5" x 11")
EditableYes (.doc, .wpd and .rtf)
UsageUnlimited number of prints
Product number#43597
This is the content of the form and is provided for your convenience. It is not necessarily what the actual form looks like and does not include the information, instructions and other materials that come with the form you would purchase. An actual sample can also be viewed by clicking on the "Sample Form" near the top left of this page.
 
 
Revolving Loan Agreement

 

 
This Revolving Loan Agreement (“Agreement”) is made on this ____ day of ___, 20__ by and between _________ (“Shop Owner”) and ______________ (“Customer”) at _________ [place].
 
Recitals:
 
1.   The Shop owner deals in selling ___________________ and has a retail outlet situated at ______________________________.
 
2.   Customer desires to purchase _________ thereby creating a revolving loan account, which the Shop Owner has accepted on the terms and conditions set out in this Agreement.
 
NOW, THEREFORE, for and in consideration of the premises, the undersigned agree as follows:
 
1.   Purpose: The parties have created a revolving loan account under which the Shop Owner allows the Customer to buy a ____ quantity of ___ at ______ intervals and then debit the Customers Account for an amount of each purchase including any additional charges set out under this Agreement.
 
2.   Promise to pay: Customer agrees to make payments towards all such purchases in the said account periodically as stated in this Agreement and also agrees that he shall be bound by the terms and conditions and any additional documents that that are incorporated by reference into this Agreement.
 
3.   Credit Limit: The Shop Owner reserves the right to limit the amount of credit authorized to the Customer. Customer shall not incur credit in excess of the amount specifically authorized by the Shop Owner from time to time.  Further, the Shop Owner at his sole discretion reserves the right to refuse to extend credit, for any reason at any time.
 
4.   Account Statement: The Shop Owner shall provide the Customer with a detailed statement of the list of purchases made and any unpaid balance amount for the previous month under this Agreement, before 5th of every month.
 
5.   Payment Schedule:  No Finance Charge will be incurred if the total amount due is paid in full when due. If not so paid, a finance charge will be incurred on the past due balance at a periodic rate not to exceed the maximum amount permitted by law. Payments will be applied as of the date of receipt as follows: first, to previously billed and unpaid Finance Charges; second, to previously billed and unpaid amount and purchases; and third, to new purchases. The minimum monthly payment shall be the unpaid net charges for the total amount due divided by the number of monthly billing periods remaining as decided. In the event Customer exceed any credit limit as set forth herein, Customer shall pay the minimum payment due on the account plus the amount in excess of the current credit limit.  
 
6.   Prepayment:  The Customer may pay any part of or the entirety of the unpaid balance on the account at any time. There will be no prepayment charges for any prepayment made.
 
7.   Cancellation:  This Agreement may be cancelled at any time by either parties by giving a prior written notice to the other of such cancellation.  However, Customers obligation to repay any outstanding balance that is due to the Shop Owner shall continue even after such cancellation and the Shop Owner shall have every right to collect the indebtedness.
 
8.   Binding Agreement: This Agreement shall be binding on the Customer, its successors, assigns, and heirs, and shall inure to the benefit of the Shop Owner, its, heirs, successors and assigns.
 
9.   Governing Law:  This Agreement shall be construed in accordance with and governed by the laws of the State of _____________, and shall constitute the entire understanding between the parties to this Agreement.
 
IN WITNESS WHEREOF the parties hereto have caused this Agreement to be executed in two copies by their duly authorized representatives as of the date first above written.
 
SHOP OWNER               CUSTOMER
 
 
By: ___________________________________   By: ________________________________
 
 
 
 

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