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ApplyThis Personal Loan Agreement (“Agreement”) is made and entered into on [Date], by and between:
*Lender: [Full Name / Company Name]
Address: [Lender’s Address]*
and
*Borrower: [Full Name / Company Name]
Address: [Borrower’s Address]*
Together referred to as the “Parties.”
The Lender agrees to loan the Borrower the principal sum of $[Loan Amount] (the “Loan”).
The Loan shall be disbursed to the Borrower on or before [Date], via [Payment Method – e.g., bank transfer, cash].
☐ The Loan shall bear interest at an annual rate of [X]%, calculated on the unpaid balance.
☐ This is an interest-free loan.
The Borrower agrees to repay the Loan as follows:
Repayment Start Date: [Date]
Payment Frequency: ☐ Weekly ☐ Monthly ☐ Other: __________
Payment Amount: $[Amount] per installment
Final Due Date: [Date of final payment or loan maturity]
Repayment Start Date: [Date]
Payment Frequency: ☐ Weekly ☐ Monthly ☐ Other: __________
Payment Amount: $[Amount] per installment
Final Due Date: [Date of final payment or loan maturity]
Early repayment is:
☐ Allowed without penalty
☐ Subject to [X]% early repayment fee
A late fee of $[Amount] will apply if any installment is more than [X] days past due. Continued non-payment may result in legal action.
☐ This Loan is secured by the following collateral: [Description of item/property]
☐ This is an unsecured personal loan.
If the Borrower fails to make payments as agreed, or breaches any term of this Agreement, the full remaining balance shall become immediately due and payable.
This Agreement shall be governed by and construed in accordance with the laws of [State/Country].
This document represents the entire agreement between the Parties and supersedes all prior oral or written understandings.
IN WITNESS WHEREOF, the Parties have executed this Personal Loan Agreement as of the date first written above.
Lender Signature
Name:
Date:
Borrower Signature
Name:
Date:
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Frequently asked
A personal loan agreement is a legally binding document that clearly outlines the terms under which one individual lends money to another. It specifies the loan amount, repayment schedule, interest rate (if applicable), payment method, and consequences for late or missed payments. Unlike informal verbal arrangements, a written personal loan agreement ensures both parties understand their rights and obligations.
A personal loan agreement provides written evidence of the loan terms, which helps prevent misunderstandings or disputes between the lender and borrower. It protects both parties by making the loan enforceable in court and can also outline provisions for early repayment, collateral (if any), and penalties for default. Having a signed agreement reduces the risk of strained relationships — especially when lending to family or friends — by keeping expectations clear.
Use a personal loan agreement whenever money is borrowed or lent between individuals, whether for personal expenses, debt consolidation, emergency funds, or other private purposes. It is particularly important when significant sums are involved, repayment will occur over time, or interest will be charged.
Identify the lender and borrower by full legal name and contact information, specify the loan amount, repayment terms, interest rate (if applicable), late payment penalties, and any collateral or guarantees. Include the governing law, dispute resolution terms, and require both parties to sign and date the agreement. For added security, consider having the document witnessed or notarized.
Use our AI-powered document builder to create a customized personal loan agreement in minutes — legally sound, clear, and ready to sign.
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