Download sample loan agreement template in pdf and word format for free. Anyone can use our loan agreement form template to create loan contract. Make personal, car, business, family loan and other loan contracts in a minute.
The loan agreement is the agreement between the lender and borrower which certified that the money has been transferred and the borrower needs to repay it. It also contains certain specifications such as the interest rates, the time period for repayment and the time for closing the loan. The loan can be for any purpose such as personal, business, real estate or even student loans. Making the agreement in a professional manner is what takes time and for a quick process, one can use online loan agreement templates to make an ideal format.
The legal loan agreement document is important for both lenders as well as the borrower for the repayment schedule information as well as the amount paid in the meanwhile. There are few types of loan agree on documents forms and some of them are
- Family loan agreement: – This particular form is for the family members agreeing on v for a loan settlement in their home. Persons including in this documents are the movers of a family.
- IOU forms: – These forms are the loan agreement document between two parties and it’s called “I owe you” document forms. Commonly these forms don’t contain the interest rate to be paid or else the payment penalties if the date is passed from the scheduled day.
- Personal guarantee forms: – These loan forms are for the individual to individual agreement. The persons involved in it can also make some other person liable for the debt to be paid off to the money lender.
- Secured promissory note: – These are the legal loan agreement made by the lender to the borrower by keeping some assets of the borrower as an assurance. If the payment doesn’t take place in accordance with the schedules then the assets can be taken by the lender himself.
- Unsecured promissory note: – This is a general promising note which has the interest rate as well as the scheduled dates. It doesn’t contain the asset as the assurance as it can be between two trusted parties.
How to use the Sample Agreement templates?
There are many free loan agreement forms,templates available in this website and one can use it simply by downloading and filling the required details on it.
There are many purposes of taking a loan and thus the loan agreement forms also varies with the purpose. Some mostly seen purposes are for business, individual, friends and family and loan agreement can be approached for any purpose probably.
Personal Loan Agreement Forms
Loan contract form templates vary with the purpose of the loan and one of the most important reasons is the personal loan agreement. It should not be considered as the mark that you don’t trust anyone. It is just a formal note that depicts that you have secured a loan from some trusted party and scheduled the repayment date as you want from the borrower. Interest rates, as well as time period, can be determined by you and thus the whole loan criterion is made simple by the loan agreement.
The personal loan agreement is between both individuals and is the same as that of the family loan agreement plan. Trust factor for the loan secured is the most important part in this type of loan agreement. However, you can download several templates to make your agreement more professional as well as legally approved by some authority to ensure the repayment from the borrower.
Family Loan Agreement:
A family loan agreement is made between two individual of a family those who have a relation of blood or else through marriage. Both a borrower, as well as the lender, is from a family and thus there is some incredible trust factor between the parties. In a few cases, a definite interest rate is also mentioned between the lender as well as borrower which can be initialized depending on the money repayment schedule by the borrower. Loan agreement in this cases is used widely because as a family member hesitates to demand money from the brother or any marriage-related persons.
Working process of Family Loan Agreement
Family loan agreement shares the same process as that of the normal loan agreement format which tends to contain the scheduled date, repayment amount as well as interest rate. The one and only additional feature to the family loan agreement is the trust factor between lender and borrower. The biggest issue of the family loan agreement is the handling process of late payments as both the lender as well as borrower share a closer relationship and probably cannot demand money from their borrower. This doesn’t work as any legal contract and it is well known that no assurance takes part in the whole scheme. As there is no assurance in this field, the money lender cannot get an asset in return if the borrower is unable to pay the money back to the lender. Familial impulse is the key factor which motivates the whole loan criteria and corners the whole amount aside. Apart from this interest rate as well as the time period is compromised due to the weakness of the closer relationship. Compromise in the demand of an assurance asset as well as scheduled dates is also seen in many families. However, there will be no lethal suffer in this course as the money rotates within the family in a house.
Download Loan Agreement template in pdf and word
The basic professional way of building a loan agreement for any type of loan is making a loan agreement template pdf. The pdf format is supported for every organization and is an ideal way to settle the conflict between the borrower and lender. Downloading the loan agreement in pdf format has more benefits than that of the written papers as any required details can be filled as you are willing. Physical signature on the paper is one of the most trusted credentials and can be done by using digital signatures probably.
If you are willing to make an ideal loan agreement form then you should probably go for the pdf format or digital format containing the digital signature on it. It can be sent easily to the money lender and can be rotated between both the parties equally to cross check the details such as scheduled dates as well as interest rates for the secured loan. One should probably go for the most secured format of the loan agreement to ensure the repayment and make the deal ideal between two parties without any conflicts between them.
Loan Agreement Microsoft Word template
Using Ms. Word one can make a better template using the sample loan agreement papers available online. The first and foremost benefit of the MS word created loan agreement template is that you can mention any details that you needed in that specific deal with the borrower. The whole scenario of the agreement requirements is controlled by the money lender and can be approved by the borrower after a deep analysis of the document. Meanwhile getting settled for the details provided is not the right way to get some benefits from the deal.
As the whole loan agreement format is controlled by the creator of the template, all the details mentioned in the agreement is completely related to the benefits of the money lender. However, there are few lenders who think of the borrower’s capability and trusts on their repayment based on the assurance provided or the monthly income of the borrower. In case of the family loan agreement, no asset assurance or a specified interest can be maintained due to hesitation which can be overcome by creating a default template of the loan agreement. The agreement paper will make them think about the legal loan availing criteria and thus the interest rate, as well as scheduled dates, will come to their mind to consider them while borrowing money from any person.
You can get a free loan agreement or contract forms template from this website easily without any lengthy process. All you have to do is download them in picture format or else in pdf format to fill the details required by the borrower. The signatures of both parties are to be made by hand and should be with a pen to avoid carbon copy or fake agreement papers. However, having a loan agreement is a good addition to the deal as they are the ideal proofs for the money transferred between two parties.
You can download and print this loan agreement template pdf or ms word file for free.
You can use these loan agreement forms and templates to make personal, car, business, family loan and other loan contracts.