Free Downloadable Loan Agreement

Usefulness of loan agreement templates. Loan agreement is a document signed by both borrower and lender of money in which the money borrower promises with the lender to pay back a loan according to mentioned terms and conditions by following a specified loan repayment plan. Having a written loan agreement at place is beneficial for both lender. The above provided Loan Agreement Form is special example of high quality as far as professional forms are concerned. We believe in quality and therefore, offering our Loan Agreement Forms, free for downloading which will certainly met your quality standards.

Free Simple Loan Agreement Template
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Personal Loan Agreement Forms are used for having transactions in between a borrower and a lender. In the treaty, the borrower should state his character, capabilities in paying the loan, and most importantly, a property for his collateral. The lender, on the other hand, determines whether the borrower can fulfill his promises in paying the debt on time. This agreement should be printed and signed by both the lender and the borrower. Loans which are served in an oral contract are mostly unsuccessful in having the borrower be obligated to pay the amount of cash he borrowed.

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Free Personal Loan Agreement Form

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Personal Loan Agreement Sample Form

Benefits to Having Personal Loan Agreement Forms

Agreements are documents with details, terms, and conditions agreed to and signed by two parties. It is important to have Personal Loan Agreement Forms since these are formal documents that evidence the loan. If you are a serious person in lending people amounts of money and want to make sure that they will pay before their due date comes, you should acquire an agreement. One main benefit with presenting this agreement form is that the borrower will know the legalities of the lender’s loan and will be prompted to pay on time.

Quick Tips to Consider in Making Personal Loan Agreement Forms

The date should be on top of the page. If you are the lender in a Loan Agreement Form, you may put a blank space for you to write the date as soon as you delivered the money to the borrower.
Specify the terms of the loan. State the amount of money borrowed, the purpose of the borrower and the amount the borrower will pay per day as initial payment.
Set a duration. A loan can’t wait to be repaid indefinitely, right? So set a time frame as to when the due date will be. Include in your terms and conditions the additional interest per day after the due date of the loan.
Sign and record the document. Let your borrower sign with his name below with the date beside it to ensure accuracy.

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Five Vital Parts of a Loan Agreement Form

The Statement – This is where the terms of repayment, interests, and the details of the borrower will be indicated.
Collateral – This refers to the borrower’s property which he pledges in case he cannot pay the loan. This could be a car, a house, or anything else that has an equivalent amount to the money borrowed.
The Covenants – These are statements that forbid the borrower to take certain actions; may also serve as the terms and conditions of the loan.
The Borrower’s Guarantees – These are the people who are willing to assume the obligation of the borrower if he can no longer pay the debt. Most of the guarantors are close relatives of the borrower to which he gives his full trust that this person will be behind his back to help him when he is in need.
Events of Default – This includes the failure to pay the amount for a regular basis and the sanctions associated with it. The borrower should read this important portion so he will be aware of the possible punishments he will face if the debt is unpaid.

Our website contains tons of sample forms for various purposes. We also have Personal Agreement Forms which are available for download.

Free Simple Loan Agreement Template

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Personal Loan Contract

This contract ('Contract') is an agreement between {Name}, henceforth known as 'Borrower,' and {Name}, henceforth known as 'Lender.'

Borrower wishes to borrow {amount in dollars}, known as 'Loan,' from Lender. Loan will be furnished to Borrower on {Date}.

Conditions for this Loan are as follows:

Borrower will begin repayment of Loan on {Date repayment will begin}.

The repayment plan {details of the repayment plan, including any installments, interest, and how payments will be made to Lender}.

The final date for repayment will be {Date}.

Failure to repay the Loan within {number of days} of {Date} will result in the matter {being turned over to collection, addressed in court, etc.}.

Borrower and Lender agree to the conditions above, and sign to that effect in the presence of a notary public on the {date} day of {month}, {year}.

________________________________ ________________________________
Borrower Name Lender Name

________________________________ ________________________________
Borrower Signature Lender Signature

Notary Signature and seal: