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What to include in your loan agreement? The amount of the loan, also known as the principal amount. The date of the creation of the loan agreement. The name, address, and contact information of the borrower. The name, address, and contact information of the lender.

This legal document, called a promissory note, is a written instrument that contains a promise by one party to pay another party a definite sum of money either on demand or at a specified future date.

Promissory Notes A promissory note is a type of loan agreement that is signed by a borrower in favor of a creditor. Promissory notes are often used by private, non-bank lenders where credit may be shorter term and/or unsecured.

There are several steps you're going to want to take, including: Tell your friend or relative you'll think about it. ... Look at your finances before making a loan. ... Think about the risks. ... Get everything in writing. ... Consider setting your family member or friend's debt payment plan on autopay.

To draft a Loan Agreement, you should include the following: The addresses and contact information of all parties involved. The conditions of use of the loan (what the money can be used for) Any repayment options. The payment schedule. The interest rates. The length of the term. Any collateral. The cancellation policy.

A Loan Agreement, also known as a term loan, demand loan, or a loan contract, is a contract that documents a financial agreement between two parties, where one is the lender and the other is the borrower. This contract specifies the amount of the loan, any interest charges, the repayment plan, and payment dates.