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. If a family member needs to borrow money, use our customizable family loan agreement template to get it in writing.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 loan agreement serves as a crucial legal contract between a borrower and a lender, delineating the terms and conditions of a financial arrangement. Create a Loan Payoff Letter online and download it as a PDF or Word document. Customize and print a blank Loan Payoff Letter for free. Are you looking for a loan agreement form in Minnesota? Download our free Minnesota Loan Agreement Form which is available as PDF or Word documents. Are you looking for a loan agreement form in Minnesota?