Buy Sign Loan Agreement Template For Free

While financial institutions have templates on which they base their personal loan agreements, you'll have to draw up your own if you're borrowing from another individual. Depending on how complicated your personal circumstances are, you may feel you need to hire a lawyer to guide you through the process.

A loan agreement is any written document that memorializes the lending of money. Loan agreements can take several forms. The most basic loan agreement is commonly called an "IOU." These are typically used between friends or relatives for small amounts of money, and simply state the dollar amount that is owed.

What a personal loan agreement should include Legal names and address of both parties. Names and address of the loan cosigner (if applicable). Amount to be borrowed. Date the loan is to be provided. Repayment date. Interest rate to be charged (if applicable). Annual percentage rate (if applicable).

Do you need to notarize a Loan Agreement? First and foremost, understand that personal loan agreements fall into the classification of contracts. Technically, you don't have to notarize these documents. But if you want to make this document legally binding, then notarization is the best course of action.

Loan agreements typically include covenants, value of collateral involved, guarantees, interest rate terms and the duration over which it must be repaid.

Loan agreements generally include information about: The location. ... The lender and borrower. ... The loan amount. ... Interest and late fees. ... Repayment method. ... Collateral and insurance.

A lending agreement (loan agreement) is a formal contract between a lender and a borrower. Lending agreements spell out all the details of the loan, such as the principal amount, interest rate, amortization period, term, fees, payment terms and any covenants.