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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).

Loan agreements typically include covenants, value of collateral involved, guarantees, interest rate terms and the duration over which it must be repaid. Default terms should be clearly detailed to avoid confusion or potential legal court action.

Do you need to notarize a Loan Agreement? First and foremost, understand that personal loan agreements fall into the classification of contracts. Technically, you don't have to notarize these documents. But if you want to make this document legally binding, then notarization is the best course of action.

In general, a personal loan contract is just as legally binding between friends or family as it would be with a bank. However, a contract between friends or family might be simpler or have fewer terms.

You have 14 days to cancel once you have signed the credit agreement. Contact the lender to tell them you want to cancel - this is called 'giving notice'. It's best to do this in writing but your credit agreement will tell you who to contact and how.

The most common remedy pursued by borrowers when a breach of a loan agreement has occurred is the recovery of damages. This can include both the difference between the loan amount and the costs for obtaining a replacement loan, and any lost opportunity or lost profit damages.