Loan Agreement Template - Create a Binding Contract between Borrower and Lender

Whether you're borrowing money from a friend, family member, or financial institution, having a written loan agreement is essential to ensure that both the borrower and lender understand their rights and obligations. At BizzLibrary.com, we offer a loan agreement template in PDF format that you can download for free. Our customizable template is easy to use and can be adjusted to fit your unique situation.

What is a Loan Agreement?

A loan agreement, sometimes called a loan contract or promissory note, is a legal document that outlines the terms and conditions of a loan. It establishes the responsibilities of both the borrower and the lender, including loan amount, repayment terms, and other important details.

What Should be Included in a Loan Agreement Template?

Here are some essential elements that should be included in a loan agreement:

• Loan Amount and Interest Rate: Clearly indicate the loan amount and the interest rate charged.
• Repayment Terms: Define the repayment schedule and methods of payment - for example, monthly payments or a lump sum payment.
• Penalties for Late Payment: Specify the penalties for late payments, such as extra interest or additional fees.
• Collateral: If applicable, include details of any collateral provided to secure the loan, such as real estate or personal property.
• Loan Purpose: Clarify the purpose of the loan, including how the funds will be used.
• Default and Termination: Clearly state the conditions under which the loan can be terminated, and the consequences of default by the borrower.
• Severability and Governing Law: Include provisions that address how the agreement will be interpreted, and which state law applies in case of disputes.

Why Use BizzLibrary.com's Loan Agreement Template?

Our easy-to-use loan agreement template can save you time and hassle while ensuring that you have a comprehensive legal document in place. Our customizable PDF template can be personalized to your specific needs and requirements, enabling you to avoid misunderstandings and disputes with your borrower or lender. Simply download our free template, customize it to fit your needs and print, and you're good to go.

Get Your Loan Agreement Template Today!

So, whether you're lending or borrowing money, a loan agreement can help protect your interests and prevent misunderstandings. Download our free loan agreement template today and get the peace of mind that comes with having a written loan agreement in place.

Visit BizzLibrary.com to access a wide range of business document templates, including legal contracts, sales agreements, and more. Take control of your business transactions and ensure a successful and secure future!