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. Download a loan agreement template to establish a borrower-lender relationship and ensure both parties meet their obligations.When borrowing money from or loaning money to family and friends, make sure that your loan agreement addresses all the basic terms. If a family member needs to borrow money, use our customizable family loan agreement template to get it in writing. Here's a sample gift letter you can use to prove that the money is truly meant as an outright gift, with no expectation of repayment. 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.