Common Contracts
1 similar Loan Agreement contracts
Personal loan form pdf downloadLoan Agreement • July 1st, 2023
A personal loan agreement is a loan contract that establishes one person’s obligation to repay another for borrowed money. It can be formed between a person and a lender (such as a bank or credit union), a friend, or a family member. Lower value personal loans are often unsecured (meaning the borrower isn’t required to put up an asset as collateral). The terms and conditions included in the contract establish the loan amount, how the borrower will repay it, the interest rate, and rules in place for specific scenarios (such as a missed payment).A personal loan agreement is a form that creates a legal obligation for one person to repay another person/entity money that was lent to them. There are two (2) general types of personal loans: secured and unsecured. A secured loan requires the borrower to use the value of an asset as collateral. This means that if the borrower defaults on their payments, the lender can auction or sell the asset (property, vehicle, stock, bond, etc.) to make back
