A Loan Agreement is a document between a borrower and lender that details a loan repayment schedule. A loan agreement is a legal document between a creditor who lends money to a borrower that is repaid with interest.A loan agreement is a formal written contract used whenever money is borrowed. Download a loan agreement template to establish a borrower-lender relationship and ensure both parties meet their obligations. Are you looking for a loan agreement form in North Carolina? A personal loan agreement outlines the terms of repayment for borrowed money. The loan agreement should detail how the borrower will pay the money back and what happens if the borrower cannot repay.