A loan agreement is a written agreement between a lender and a borrower. The borrower promises to pay back the loan in line with a repayment schedule (regular payments or a lump sum). As a lender, this document is very useful as it legally enforces the borrower to repay the loan. This loan agreement can be used for business, personal, real estate, and student loans.
With this free loan agreement template, you’ll have a very simple and standard document which can be used for any kind loan agreements.
Loan Agreement Template
Use for Excel, OpenOffice, and Google Sheets
Family Loan Agreement – For the borrowing of money from one family member to another.
I Owe You (IOU) – The acceptance and confirmation of money that has been borrowed from one (1) party to another. Does not commonly give details about how or when money will be paid back or list any interest rate, payment penalties, etc.
Loan (Personal) Guarantee – If someone does not have sufficient credit to borrow money this form allows someone else to be liable as well if the debt is not paid.
Personal Loan Agreement – For most loans from individual to individual.
Release of Debt – After a note has been paid-in-full this document should be issued as proof that the borrower has satisfied their debt.
Release of Personal Guarantee – Frees the Guarantor from responsibility and is no longer liable.
Secured Promissory Note – Loan agreement that lists assets that are to be handed to the lender if the payment is not made in accordance with the form.
Unsecured Promissory Note – Similar to a standard loan agreement, a document that lists a promise to pay with dates, interest rate, and penalties (if any).
A loan agreement can come in many variations and the purpose for a loan are a many. An individual or business can use a loan agreement to set out terms such as an amortization table detailing interest (if any) or by detailing the monthly payment on a loan. The greatest aspect of a loan is that it can be customized as you see fit by being highly detailed or just a simple note. No matter the case, any loan agreement must be signed, in writing, by both parties.
A personal loan agreement template is a document that anyone can use to protect themselves as a lender. Filling out a simple loan agreement ensures that there is no confusion between the lender and the person in need of funds. A loan contract template takes the difficulty out of designing a concise and precise document. If the document is to be worth anything at all in a court of law, it must be accurate and define every aspect of the loan in question. With a clear loan agreement, the lender and borrower have rights that remain protected throughout the duration of the loan and repayment terms. The terms of a loan might seem difficult to draft. In the absence of a free loan agreement template this might be true. However, a loan template makes the task of document creation a breeze.