Personal loan payment agreement
What we’ll cover
What is a Loan Agreement?
A Loan Agreement is a legal contract regulating the terms and conditions of a loan, and can be used by both individuals and corporations to lend or borrow money. Shareholders can also draft a Loan Agreement to borrow money from a corporation. A Loan Agreement helps protect the lender if the borrower fails to pay back the loan and any interest and fees as agreed.
When can you use a Loan Agreement?
- You are loaning money to someone and want to set out the terms.
- You are borrowing money from a private party and want to outline the terms.
- You wish to prepare an amortization table if the loan will include interest.
- You wish to determine the monthly payment amount on the loan agreement.
Sample Loan Agreement
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