California Loan Agreement
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How to fill out Loan Agreement?
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FAQ
A loan agreement may be called a number of different things, including a loan contract, a credit agreement, a financing agreement, and in some cases, a promissory note.
There are two main parts of a loan: The principal -- the money that you borrow. The interest -- this is like paying rent on the money you borrow.
A loan agreement is a formal contract between a borrower and a lender. These counterparties rely on the loan agreement to ensure legal recourse if commitments or obligations are not met. Sections in the contract include loan details, collateral, required reporting, covenants, and default clauses.
A personal loan agreement is a legally binding contract that defines the expectations for both a borrower and a lender. It can be drawn up with an official lender, like a bank or credit union, or used in a more informal situation, such as with a friend who's lending you an amount of money.
Categorizing loan agreements by type of facility usually results in two primary categories: term loans, which are repaid in set installments over the term, or. revolving loans (or overdrafts) where up to a maximum amount can be withdrawn at any time, and interest is paid from month to month on the drawn amount.
A secured loan uses an asset you own as collateral; the lender can take the asset if you don't repay the loan. An unsecured loan requires no collateral. They usually have higher interest rates than secured loans because they are riskier for lenders.
You can write up a personal loan agreement by hand, with pen and paper, or draft it on your computer. Once the document looks good, it can be printed out and signed by both parties.
There are two types of loan agreements: unsecured and secured loan agreements. Unsecured means there is no security against the loan should the borrower end up in default.