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Personal Loan Agreement Template (Ireland)
A personal loan agreement records the terms of a loan between individuals or between an individual and a private company in Ireland. Our free template sets out the amount in euro, interest, repayment schedule, default and governing law, drafted in line with Irish contract law and the Statute of Limitations 1957.
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PERSONAL LOAN AGREEMENT
Ireland — Common Law Contract
LENDER
Niamh Ó Connell
3 Pembroke Road, Ballsbridge, Dublin 4, D04 KV22
Phone: +353 1 234 5678
Phone: +353 1 234 5678
By: PPSN: 1234567T
BORROWER
Ciarán Ó Loingsigh
21 South Circular Road, Dublin 8, D08 YN21
Phone: +353 87 234 5678
Phone: +353 87 234 5678
By: PPSN: 9876543A
Principal: EUR 10,000.00
4% per annum · Maturity: 15 April 2029
This Personal Loan Agreement (this "Agreement") is entered into as of 15 April 2026 between Niamh Ó Connell (the "Lender") and Ciarán Ó Loingsigh (the "Borrower"). This Agreement is a personal loan between individuals and is governed by the common law of Ireland. It is not a regulated credit agreement under the Consumer Credit Act 1995 (CCA 1995), nor does it constitute a high-cost credit agreement within the meaning of the Consumer Protection (Regulation of Retail Credit and Credit Servicing Firms) Act 2022 (which since 14 November 2022 governs licensed high-cost credit providers, formerly known as moneylenders, regulated by the Central Bank of Ireland). The Lender confirms that the Lender is not engaged in the business of moneylending and that this Agreement is an isolated, private loan. The Lender and Borrower agree as follows:
1.
LOAN AMOUNT
The Lender agrees to lend to the Borrower the principal sum of EUR 10,000.00 (the "Loan"). The Loan shall be disbursed by the Lender to the Borrower on 15 April 2026 by bank transfer to the Borrower's nominated bank account. The Borrower acknowledges receipt of the Loan upon the making of such transfer.
Purpose: The Borrower confirms that the Loan will be used for the following purpose: Home renovation and bathroom refurbishment. The Borrower shall not use the Loan for any other purpose without the prior written consent of the Lender.
Purpose: The Borrower confirms that the Loan will be used for the following purpose: Home renovation and bathroom refurbishment. The Borrower shall not use the Loan for any other purpose without the prior written consent of the Lender.
2.
TERM
The Loan shall commence on 15 April 2026 and shall be fully repaid by the Final Repayment Date of 15 April 2029. All outstanding principal and accrued (if any) interest shall be due and payable in full on the Final Repayment Date, regardless of the repayment schedule set out in Clause 5 below.
3.
INTEREST RATE
Interest shall accrue on the outstanding principal balance at the fixed rate of 4% per annum, calculated on a simple daily basis (actual/365). Interest shall be computed from the date of disbursement until the date of full repayment. The effective annual rate shall not in any circumstances exceed any rate that would render this Agreement unenforceable under applicable Irish law. No compound interest shall be charged unless separately agreed in writing by both parties.
4.
REPAYMENT SCHEDULE
The Borrower shall repay the Loan in monthly instalments of EUR 300.00 each, commencing on 15 May 2026 and continuing on the same date of each subsequent period until the Final Repayment Date. Each instalment shall be paid by bank transfer (SEPA credit transfer) to the Lender's nominated bank account. Any balance remaining after the final scheduled instalment shall be paid in full on the Final Repayment Date.
5.
LATE PAYMENT
If the Borrower fails to make any payment by its due date, the Lender shall give the Borrower written notice specifying the overdue amount and requesting payment within 14 days. If payment is not made within that notice period, the Lender may: (a) charge additional interest on the overdue amount at the rate set out in Clause 4 (or, if the Loan is interest-free, at a rate of 2% per annum on the overdue amount, consistent with the Courts Act 1981 judgment rate); and (b) take such further steps to recover the overdue amount as may be available at common law, including commencing proceedings in the appropriate Irish court.
6.
PREPAYMENT
The Borrower may repay the Loan in whole or in part at any time prior to the Final Repayment Date without premium or penalty. Any partial prepayment shall be applied first to accrued and unpaid interest (if any) and then to reduce the outstanding principal balance. The Borrower shall give the Lender at least 7 days' prior written notice of any prepayment.
7.
EVENTS OF DEFAULT
The following shall constitute events of default ("Events of Default"):
(a) the Borrower fails to pay any sum due under this Agreement within the notice period specified in Clause 6;
(b) the Borrower becomes insolvent, is adjudicated bankrupt under the Bankruptcy Act 1988, or enters into any arrangement or composition with creditors;
(c) any representation made by the Borrower in connection with this Agreement is materially false or misleading;
(d) the Borrower materially breaches any other provision of this Agreement and fails to remedy such breach within 14 days of written notice from the Lender.
(a) the Borrower fails to pay any sum due under this Agreement within the notice period specified in Clause 6;
(b) the Borrower becomes insolvent, is adjudicated bankrupt under the Bankruptcy Act 1988, or enters into any arrangement or composition with creditors;
(c) any representation made by the Borrower in connection with this Agreement is materially false or misleading;
(d) the Borrower materially breaches any other provision of this Agreement and fails to remedy such breach within 14 days of written notice from the Lender.
8.
ACCELERATION
Upon the occurrence of an Event of Default, the Lender may by written notice to the Borrower declare the entire outstanding principal balance, together with all accrued and unpaid interest, immediately due and payable. Following such declaration, the Lender may take all steps available under Irish law to recover the outstanding balance, including legal proceedings in the appropriate court.
Compound Interest on Default: Following the occurrence of an Event of Default, all overdue interest shall be capitalised (added to the principal) on each anniversary of the default and shall thereafter itself bear interest at the rate set out in Clause 4. The parties expressly agree to compound interest on default in accordance with Irish common law principles permitting such an agreement.
Compound Interest on Default: Following the occurrence of an Event of Default, all overdue interest shall be capitalised (added to the principal) on each anniversary of the default and shall thereafter itself bear interest at the rate set out in Clause 4. The parties expressly agree to compound interest on default in accordance with Irish common law principles permitting such an agreement.
9.
SEPA DIRECT DEBIT MANDATE
The Borrower hereby authorises the Lender to collect the instalment payments due under this Agreement by SEPA Core Direct Debit from the Borrower's bank account with IBAN: IE29 AIBK 9311 5212 3456 78. This authorisation is given in accordance with the SEPA Core Direct Debit Scheme Rules. The Borrower is entitled to a refund of any unauthorised or incorrectly executed payment within the timeframes specified by the scheme. The Borrower shall maintain sufficient funds in the nominated account on each payment due date. The Lender shall give at least 5 business days' prior notice of each collection (unless a shorter pre-notification period has been agreed). This SEPA mandate shall remain in force until the Loan is fully repaid or the mandate is revoked in writing by the Borrower with at least 7 days' notice to the Lender.
10.
ASSIGNMENT
The Lender may assign or transfer all or any part of its rights under this Agreement to a third party, provided that the Lender gives the Borrower 14 days' prior written notice of such assignment, as required by the Conveyancing Act 1881 s. 25 as applied in Ireland. The Borrower may not assign or transfer any of its obligations under this Agreement without the prior written consent of the Lender. Where the Lender dies during the term of the Loan, the benefit of this Agreement passes to the Lender's personal representatives, who shall be entitled to enforce all rights of the Lender hereunder.
11.
PAYMENTS WITHOUT SET-OFF
All payments due by the Borrower under this Agreement shall be made in full and on the due date without any set-off, counterclaim, deduction, or withholding of any kind, whether for taxes, claims, alleged failures by the Lender, or otherwise. Any counterclaim or right of action the Borrower may have against the Lender, whether arising under this Agreement or otherwise, shall be pursued by the Borrower as a separate matter and shall not affect or delay the Borrower's payment obligations under this Agreement.
12.
PREPAYMENT NOTICE (CUSTOM PERIOD)
Notwithstanding the prepayment terms in Clause 7, the Borrower agrees to give the Lender at least 14 days' prior written notice of any prepayment (whether in whole or in part). This notice period supersedes any shorter period set out elsewhere in this Agreement and is intended to give the Lender adequate time to plan for the early return of capital.
13.
TAX IMPLICATIONS — CAPITAL ACQUISITIONS TAX
The parties acknowledge that, under the Capital Acquisitions Tax Consolidation Act 2003 (CATCA 2003), the free use of money (e.g. an interest-free loan or a loan at below-market interest rates between connected persons) may give rise to a deemed gift equal to the difference between the interest actually charged and the highest rate of return the Lender could have obtained on a comparable investment. The Borrower is responsible for considering whether any such deemed benefit exceeds the Borrower's available CAT thresholds (Group A, B or C as applicable under Schedule 2 of CATCA 2003) and for filing any necessary Form IT38 with the Revenue Commissioners. Each party shall seek independent tax advice as appropriate; the inclusion of this clause is informational and not a tax opinion.
The Lender further acknowledges that interest received (if any) is taxable income under the Taxes Consolidation Act 1997 (TCA 1997) and must be declared in the Lender's annual tax return.
The Lender further acknowledges that interest received (if any) is taxable income under the Taxes Consolidation Act 1997 (TCA 1997) and must be declared in the Lender's annual tax return.
14.
STATUTE OF LIMITATIONS
Any claim or action by the Lender to recover the Loan or enforce this Agreement must be commenced within six (6) years from the later of: (a) the date on which the relevant payment became due; or (b) the date of any written acknowledgement of the debt by the Borrower (which restarts the limitation period under section 56 of the Statute of Limitations 1957). Any claim not commenced within that period shall be time-barred. The parties acknowledge that a partial payment by the Borrower may, in certain circumstances, also restart the limitation period.
15.
ENTIRE AGREEMENT
This Agreement constitutes the entire agreement between the parties with respect to the Loan and supersedes all prior negotiations, representations, understandings, and agreements, whether oral or written, relating to the subject matter hereof. No variation of this Agreement shall be effective unless made in writing and signed by both parties.
16.
ELECTRONIC EXECUTION
This Agreement may be executed electronically. Electronic signatures are valid and binding under the Electronic Commerce Act 2000 (ECA 2000) s. 13 and EU Regulation No 910/2014 (eIDAS). An electronically signed version of this Agreement shall have the same legal force and effect as a manually signed original.
17.
GOVERNING LAW AND JURISDICTION
This Agreement shall be governed by and construed in accordance with the laws of Ireland. The parties hereby submit to the exclusive jurisdiction of the Courts of Dublin for the resolution of any dispute arising out of or in connection with this Agreement. For debts up to EUR 15,000, proceedings may be brought in the District Court; up to EUR 75,000, the Circuit Court; over EUR 75,000, the High Court.
18.
GENERAL PROVISIONS
Severability: If any provision of this Agreement is held to be invalid or unenforceable by a court of competent jurisdiction, such provision shall be severed and the remaining provisions shall remain in full force. Waiver: Failure by either party to enforce any provision of this Agreement shall not constitute a waiver of that party's right to enforce it in the future. Notices: All notices under this Agreement shall be in writing and delivered by email (with read receipt) or registered post to the addresses set out above.
IN WITNESS WHEREOF, the parties have executed this Agreement as of the date indicated.
LENDER
Niamh Ó Connell
Date: ____________________
BORROWER
Ciarán Ó Loingsigh
Date: ____________________
Available as a print-ready PDF or an editable Microsoft Word (.docx) file.
What Is a Personal Loan Agreement?
A personal loan agreement is a written contract under which one party (the lender) lends money to another (the borrower) on agreed terms. It records the principal loan amount, any interest rate, the repayment schedule, and what happens in the event of default. Written documentation is strongly recommended even for loans between family members to prevent misunderstandings and disputes.
In Ireland, loans between individuals are primarily governed by general contract law and the Statute of Limitations 1957, under which a simple contract debt must be sued upon within six years. Regulated consumer credit (including loans by banks, credit unions and moneylenders to consumers) is additionally governed by the Consumer Credit Act 1995 and the European Communities (Consumer Credit Agreements) Regulations 2010, with supervision by the Central Bank of Ireland.
Personal loan agreements between friends and family are typically not regulated consumer credit and do not require a moneylending licence, provided they are occasional, not made in the course of business, and comply with applicable tax rules. However, certain interest-free loans within families may have Capital Acquisitions Tax (CAT) implications under the Capital Acquisitions Tax Consolidation Act 2003.
What's Covered in This Template
Our personal loan template covers every key loan term for private lending in Ireland.
Lender and Borrower Details
Names, addresses with Eircode, and contact details.
Principal Amount
The loan amount in euro.
Date of Advance
When the funds are or were transferred.
Interest Rate
Annual interest rate (or interest-free), with APR if applicable.
Repayment Schedule
Lump sum, instalments, or on demand, with dates.
Early Repayment
Right to repay early without penalty.
Default and Acceleration
Events of default triggering full repayment.
Default Interest
Additional interest on overdue amounts.
Security (optional)
Personal guarantee or asset security if provided.
Waiver and Severability
Standard boilerplate protections.
Dispute Resolution
Mediation under the Mediation Act 2017 and Irish courts.
Governing Law
Ireland as governing law.
How to Create a Personal Loan Agreement
Document a private loan clearly in minutes.
- 1
Enter Lender and Borrower Details
Provide names, addresses with Eircode, and contact details.
- 2
Set Principal, Interest and Dates
State the loan amount in euro, interest rate (if any), and the date of advance.
- 3
Agree Repayment Schedule
Lump sum, regular instalments, or on demand, with payment dates.
- 4
Add Default and Security
Define events of default, default interest, and any security or guarantee.
- 5
Sign and Retain
Both parties sign the agreement. Keep an original for each party.
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Legal Considerations in Ireland
Private loans need careful attention to limitation, interest, and tax rules.
This template is for information only and is not legal or tax advice. Consult a solicitor or tax adviser for substantial loans or any loan with CAT implications.
Drafted for Irish law
Statute of Limitations 1957
An action to recover a simple contract debt must be commenced within six years of the cause of action accruing under the Statute of Limitations 1957. Where the debt is acknowledged or part-paid, the limitation period can be extended from the date of acknowledgement.
Consumer Credit Act 1995
Loans made in the course of business to consumers are regulated by the Consumer Credit Act 1995 and the European Communities (Consumer Credit Agreements) Regulations 2010, which require pre-contractual disclosure, specified contractual content, and supervision by the Central Bank of Ireland. Occasional loans between friends and family are generally not regulated.
Capital Acquisitions Tax (CAT)
Interest-free loans between connected persons can give rise to a notional gift of the interest that would otherwise have been payable, with CAT implications under the Capital Acquisitions Tax Consolidation Act 2003. Revenue operates specific thresholds; advice from a tax adviser is recommended for substantial loans.
Moneylending Regulation
Moneylending for profit to consumers requires a licence from the Central Bank of Ireland under the Consumer Credit Act 1995. Private, occasional loans do not require a licence, but repeated or commercial lending does.
Frequently Asked Questions
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