Loan agreement templates are available at LawDepot.com and RocketLawyer.com. These sites offer sample forms as well as information on what to include in loan agreements.Continue Reading
A loan agreement legally commits a borrower to pay back a lender in accordance with a prescribed repayment schedule. The document protects the lender and borrower by specifying expectations of both parties. It can be used for business, real estate, student and personal loans as well as for purchases, says LawDepot.
A loan agreement typically includes the amount borrowed and the corresponding interest. It also specifies whether payments are lump sump or regular monthly payments, and it outlines the repayment schedule, including the due date, frequency and amount of each payment. A good loan document also specifies fees for late payment, collateral, a co-signer and loan sale, according to Rocket Lawyer.Learn more about Personal Loans