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. 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. The document provides clarity for both the borrower and the lender, establishing important terms and conditions pertaining to both parties. If a family member needs to borrow money, use our customizable family loan agreement template to get it in writing. A loan agreement is a legal document between a creditor who lends money to a borrower that is repaid with interest. The pay statement provides details about your current and year-to-date earnings, taxes, deductions, and accrued leave time. An official website of the United States government. Here's how you know. Families or first-time homebuyers. b.