A personal loan paid in the full letter is a document sent by the borrower to the lender, notifying the latter of their decision to repay the loan in full, thereby canceling the outstanding debt. The letter should be formal and concise, with all pertinent information included. For the cancellation of debt to be legally binding, the letter must be worded correctly and have all the required information.
A personal loan paid-in-full letter template can be found on this platform and should be filled out with the borrower’s specific information. The template will include a space for the borrower’s name, address, contact information, and the date of the letter. It will also have a section for the lender’s name and address. Go ahead & download it.
Personal Loan Paid in Full Letter
[Name of Borrower]
[Address of Borrower]
[City, State, Zip Code]
[Date]
[Name of Lender]
[Address of Lender]
[City, State, Zip Code]
RE: Personal Loan Paid in Full
Dear Name of Lender:
This letter acknowledges receipt of the final payment on my personal loan in the amount of [Amount]. This payment was made on [Date], and according to our loan agreement, the loan should be paid in full on or before [Date].
I am enclosing a copy of this letter, signed by you, as confirmation that the loan has been paid in full and that all obligations under the agreement have been met. Thank you for your assistance in completing this repayment. Please contact me at [Phone Number] without any hesitation.
Thank you again.
Sincerely,
[Signature of Borrower]
[Printed Name of Borrower]
[List of Enclosures]
[Check for Amount]
[Signature of Lender]
[Printed Name of Lender with date]