Legal Forms
Installment Payment Agreement
1. Parties
This Installment Payment Agreement is made on , 20, between ("Lender") and ("Borrower") for repayment of an outstanding balance.
2. Payment Plan
Total Balance ($)
Installment ($)
Frequency
# of Payments
3. Schedule
Installments are due on the day of each (period), beginning , 20, until the total balance is paid in full.
4. Missed Payments
A late fee of $________ applies to any payment more than 10 days late
A missed payment makes the entire balance immediately due
5. Acknowledgment
Borrower acknowledges the total balance and payment schedule above
Payments may be made by cash, check, or electronic transfer
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