It should specify a repayment term and payment schedule, an interest rate, and other contingencies, such as how late payments or a default will be handled. Illinois Free Loan Agreement Template.Utilize our complimentary Loan Agreement template to outline the terms of a loan. 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. If a family member needs to borrow money, use our customizable family loan agreement template to get it in writing. When borrowing money from or loaning money to family and friends, make sure that your loan agreement addresses all the basic terms. An Illinois Loan Agreement form is a legal document that outlines the terms and conditions between a lender and a borrower in the state of Illinois. If interest is charged, the rate should be included with a repayment schedule. It is common for lenders to request "security" for the loan (such as a vehicle).