Easily write up a good loan agreement with one of our free loan agreement templates below. All our Microsoft Word templates are downloadable for free and can be adjusted to what you require them to be. A loan agreement is usually for money. That is the most common type of loan agreement — a lender lends a borrower a certain amount of money for a certain amount of time. January 1, House, car, jewelry. Lender's Information.
John Doe. Los Angeles, CA, Loan Information. Loan Amount. Start Date - First Payment. January 17, Interest Rate. End Date - Last Payment. April 17, Late Fee. Payment Method. Terms and Conditions. Date of Execution of Both Parties.
January 14, Lender's Signature. Borrower's Signature. Use Template. Shared by VanessaDavid in Agreement. Cloned 9, More templates like this Preview. Use Template Preview. Disclaimer These templates are suggested forms only. Agreement Templates Templates. Read More…. See More Templates. Customize PDF. Jane Doe. A Loan Agreement is a legal contract between a lender and borrower outlining the terms of a loan.
Using a loan agreement template, the lender and borrower can agree on the loan amount, interest, and repayment schedule. A lender can use a Loan Agreement in court to enforce repayment if the borrower does not uphold their end of the agreement. A loan agreement is a written contract between two parties — a lender and a borrower — that can be enforced in court if one party does not hold up his or her end of the bargain.
The borrower agrees that the money being borrowed will be repaid to the lender at a future date and possibly with interest. The loan agreement should clearly detail how the money will be paid back and what happens if the borrower is unable to repay. The loan agreement sample below details an agreement between a borrower and a lender.
The lender agrees to give the borrower a loan, who agrees to pay back the loan according to the conditions specified. In general, a loan agreement is more formal and less flexible than a promissory note or IOU. Just like any legally binding contract, a loan agreement has certain terminologies that are sprinkled throughout the contract.
These terms have their own purpose in the loan agreement and hence it is important to understand the meaning behind these terms while drafting or using a loan agreement. While drafting the loan agreement, you have to decide on how you want the loan to be repaid. This includes the repayment date of the loan along with the payment method.
You can choose between monthly installments or a lump sum amount. That is why a loan agreement is essential even between individuals with personal connections. On this page is a collection of Loan Agreement Templates that you can download and use to formalize any lending or borrowing transactions you do with your loved ones and friends.
General Personal Loan Agreement nab. Just like a standard bank promissory note, a loan agreement with family and friends should include these basic terms.
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