As of January 2016, LeapLaw.com offers several types of sample loan agreements to preview in PDF format or to purchase for varying prices. Options include a bridge loan agreement, short-form loan agreement, and term promissory note with a bank as the lender. Additionally, sample loan agreement templates are viewable on LawDepot.com and RocketLawyer.com, although these sites do not provide the agreements in PDF format.Continue Reading
Important details to include in a loan agreement are the amount being loaned, repayment plans and options, collateral, late fees and mention of any cosigners, according to Rocket Lawyer. The lender may also choose to include a section discussing the terms for loan agreements. In addition to the initial amount of the loan, the agreement should clearly indicate the interest rate the borrower is agreeing to pay. In the section discussing repayment, the agreement should mention whether the borrower is to pay back the money in payments or as a lump sum. The date by which the borrower must pay back all of the money should also appear in the agreement, if applicable.
Collateral is some asset of the borrower's, such as a car, of which the lender may take control if the borrower fails to pay back the loan, notes Rocket Lawyer. Another way the lender can protect his money is by requiring a cosigner who agrees to make loan payments if the borrower becomes unable to do so.Learn more about Personal Loans