Free Loan Payoff Letter Request Template

REQUEST FOR PAYOFF STATEMENT AND RELEASE

[BORROWER LEGAL NAME]
[ADDRESS]
[EMAIL] | [PHONE]

[DATE]

[LENDER NAME]
[ATTENTION: LOAN SERVICING / PAYOFF DEPARTMENT]
[ADDRESS / EMAIL]

Re: Loan number [LOAN NUMBER], dated [LOAN DATE], original amount $[AMOUNT]

Dear [LENDER CONTACT],

We intend to repay the above loan in full on or about [PAYOFF DATE]. Please provide a written payoff statement by [DATE] that includes:

1. The total amount required to pay the loan in full on [PAYOFF DATE], itemised into principal, accrued interest, and any fees.
2. The daily interest amount (per diem) if payment is received after that date.
3. Any prepayment fee, and the section of the loan agreement that permits it.
4. Wire or ACH instructions, including the account name and reference to use.
5. Confirmation that no further automatic debits will be taken after payoff, and the date of the last scheduled debit.

Once payment is received, please confirm in writing within [10] business days that:
(a) the loan is paid in full and closed;
(b) all security interests are released, and you will file a UCC-3 termination statement for financing statement number [UCC FILING NUMBER] in [STATE] [or authorise us to file it];
(c) any personal guarantee given by [GUARANTOR NAME] is released; and
(d) any collateral, titles or documents you hold will be returned to [ADDRESS].

Please also report the account as paid in full to any credit bureaus to which you report.

Thank you. Please contact me at [EMAIL] with any questions.

Sincerely,

[NAME]
[TITLE], [BORROWER LEGAL NAME]

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This free template is provided by ClauseAudit for general informational purposes and is not legal advice. Have it reviewed before use. Replace all [BRACKETED] placeholders.