It should include the loan amount, repayment schedule, security (if pledged), and the terms for default. A Loan Agreement is a document between a borrower and lender that details a loan repayment schedule.The contract defines the borrower and lender, the amount of money lent, the interest rate, and how long the borrower has to pay it back. This Agreement covers your rights and responsibilities concerning your accounts and the rights and responsibilities of the Credit Union providing this. A personal loan agreement is a contract between two parties, generally a borrower and a lender. It outlines how much is borrowed, how it's repaid and more. A personal loan agreement can protect both you and the borrower when you lend money. Use our step-by-step guide for how to write a personal loan agreement. A loan agreement is a formal written contract used whenever money is borrowed. Licensing agreements prohibit renting, leasing or lending original copies of software.