Protect Legal Wisconsin Personal Loans Forms For Free

Loan agreements are binding contracts between two or more parties to formalize a loan process. There are many types of loan agreements, ranging from simple promissory notes between friends and family members to more detailed contracts like mortgages, auto loans, credit card and short- or long-term payday advance loans.

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.

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.

Once you have a template to work with, create your document in the following order, with each item clearly spelled out: Date of the contract and effective date of the loan. State governance for the loan agreement (usually the residence of the lender) Identities of the borrower and the lender, often including addresses.

For a personal loan agreement to be enforceable, it must be documented in writing, as well as signed and dated by all parties involved. It's also a good idea to have the document notarized or signed by a witness.