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ApplyThis Loan Agreement (“Agreement”) is entered into on [Date], by and between:
• Lender: [Full Name or Company Name], with an address at [Address].
• Borrower: [Full Name or Company Name], with an address at [Address].
Collectively, the “Parties.”
The Lender agrees to lend to the Borrower the principal sum of $[Amount].
The loan will bear interest at a rate of [Interest Rate]% per annum.
The Borrower agrees to repay the loan as follows:
• ☐ Lump-sum payment: Principal and interest due by [Date].
• ☐ Installments: Payments of $[Amount] payable [monthly/weekly], beginning on [Start Date] and continuing until paid in full.
Payments not received within [Grace Period] days after the due date will incur a late fee of $[Amount] or [Percentage]% of the unpaid amount.
The Borrower may prepay the loan in whole or in part without penalty.
If the Borrower defaults, the Lender may declare the entire outstanding balance immediately due, pursue legal action, and recover attorney fees and related costs.
This Agreement is governed by the laws of the State of [State]. Any disputes will be resolved in the courts of [County, State].
Signatures:
Lender: ______________________________ Date: ____________
Printed Name: ____________________________
Borrower: ____________________________ Date: ____________
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For quick answers, scroll below to see the FAQ.
Frequently asked
A loan agreement is a legally binding contract that specifies the terms under which money is borrowed, including repayment schedule, interest rate, collateral (if applicable), and consequences of default. It serves as a clear record of the financial arrangement between lender and borrower.
It ensures that both parties fully understand their rights and obligations, protects against misunderstandings, and provides legal recourse if terms are not met. A well-drafted loan agreement also helps maintain a professional and transparent lending relationship.
Use a loan agreement for any lending or borrowing arrangement — whether personal or commercial — especially when the amount is significant, repayment terms are detailed, or collateral is involved.
Include the loan amount, repayment schedule, interest rate, late payment penalties, any collateral requirements, default provisions, and governing law. Make sure both parties sign the agreement to make it enforceable.
Create a customized, legally sound loan agreement in minutes using our AI-powered contract generator — ready to sign and compliant with your jurisdiction.
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