Common Contracts
1 similar Personal Loan Agreement contracts
Sample letter borrowing money from a friendPersonal Loan Agreement • July 20th, 2021
A personal loan agreement is a legal document that is completed by a lender and a borrower to establish the terms and conditions of a loan. The loan agreement, or “note”, is legally binding. This document is considered to be a contract and therefore the borrower shall be expected to abide by its terms, conditions, and governing laws. Payments must be paid on-time and per the instructions of the agreement. State Usury Rates – The maximum interest rate allowed to charge by a lender in the State. Table of Contents A personal loan is a sum of money borrowed by an individual that may be used for any purpose. The borrower will be responsible for paying the lender back plus interest. Interest is the cost of a loan and is calculated on an annual basis. The lender may be a bank, financial institution, or an individual – the loan agreement will be legally binding in either case. 5-Types of Personal Loans Co-Sign – When the borrower has bad or no credit and needs someone else to be liable in case
