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There are 10 basic provisions that should be in a loan agreement. Identity of the parties. The names of the lender and borrower need to be stated. ... Date of the agreement. ... Interest rate. ... Repayment terms. ... Default provisions. ... Signatures. ... Choice of law. ... Severability.

A promissory note usually includes an interest rate and the terms of repayment. Usually, IOUs and promissory notes are signed by the borrower, although they may also be signed by the lender. A loan agreement is a document that contains all of the details of the loan and is signed by both parties.

A Loan Agreement is a document between a borrower and lender that details a loan repayment schedule.

You should then list the basic promissory note terms and conditions: The amount of money being lent. The interest rate, if you are charging interest. The interest rate shouldn't be higher than your state law allows. For a secured promissory note, the collateral or "security" being used.

What a personal loan agreement should include Legal names and address of both parties. Names and address of the loan cosigner (if applicable). Amount to be borrowed. Date the loan is to be provided. Repayment date. Interest rate to be charged (if applicable). Annual percentage rate (if applicable).

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. The amount of the loan, also known as the principal amount.