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What should be in a personal loan contract? Names and addresses of the lender and the borrower. Information about the loan co-borrower or cosigner, if it's a joint personal loan. Loan amount and the method for disbursement (lump sum, installments, etc.) Date the loan was provided. Expected repayment date.

Be sure to include both parties in the decision-making process. Here's what to include in your family loan agreement: The amount borrowed and how it will be used. Repayment terms, including payment amounts, frequency and when the loan will be repaid in full.

Loan agreements are beneficial for borrowers and lenders for many reasons. Namely, this legally binding agreement protects both of their interests if one party fails to honor the agreement. Aside from that, a loan agreement helps a lender because it: Legally enforces a borrower's promise to pay back the money owed.

The key is to get as specific as possible. For instance, if you need $700 for a car repair, tell your lender that the money is for that reason. You should also map out a repayment plan, like paying them back $70 a month for the next 10 months.

Common items in personal loan agreements. Include key terms of the loan, such as the lender and borrower's contact information, the reason for the loan, what is being loaned, the interest rate, the repayment plan, what would happen if the borrower can't make the payments, and more.

How To Write A Loan Request Letter Your name. Your address. Your business name. Your business address. Name of loan agent or lender. Contact information of lender or loan agent. Subject line with the requested loan amount.