Attorney-Approved Loan Agreement Template Get Your Loan Agreement Now

Attorney-Approved Loan Agreement Template

A Loan Agreement form is a legal document that outlines the terms and conditions of a loan between a lender and a borrower. This form typically includes details such as the loan amount, interest rate, repayment schedule, and any collateral involved. Properly completing this form is essential for ensuring clarity and protecting the rights of both parties involved in the transaction.

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State-specific Loan Agreement Templates

Loan Agreement Form Subtypes

➤ PDF File

Example - Loan Agreement Form

Loan Agreement

This Loan Agreement ("Agreement") is made and entered into on the ____ day of __________, 20__, in accordance with the laws of [State Name].

Between:

  • Borrower: ____________________________
  • Address: ____________________________
  • Email: ____________________________
  • Phone: ____________________________

And

  • Lender: ____________________________
  • Address: ____________________________
  • Email: ____________________________
  • Phone: ____________________________

1. Loan Amount

The total amount of the loan will be $___________.

2. Interest Rate

The annual interest rate applicable to this loan shall be ______%.

3. Term of Loan

The loan will commence on __________ and shall continue for a period of __________ months.

4. Repayment

The Borrower agrees to make monthly payments of $__________ on or before the ____ day of each month.

5. Prepayment

The Borrower may prepay the loan at any time without penalty.

6. Default

If the Borrower fails to make any payment on time, the Lender may:

  • Charge late fees as permitted by law.
  • Declare the entire balance of the loan immediately due.

7. Governing Law

This Agreement shall be governed by and construed in accordance with the laws of the state of [State Name].

8. Signatures

By signing below, both parties agree to the terms outlined in this Loan Agreement.

Borrower's Signature: ______________________ Date: ____________

Lender's Signature: ______________________ Date: ____________

Documents used along the form

When entering into a loan agreement, several other documents may be necessary to ensure clarity and protection for all parties involved. Each of these documents serves a specific purpose and helps outline the terms of the loan in greater detail.

  • Promissory Note: This document outlines the borrower's promise to repay the loan. It includes details such as the loan amount, interest rate, repayment schedule, and any penalties for late payments.
  • Loan Application: This form is completed by the borrower to provide information about their financial situation. It helps the lender assess the borrower's creditworthiness and ability to repay the loan.
  • Credit Report Authorization: Borrowers often need to provide consent for lenders to access their credit reports. This document allows the lender to evaluate the borrower's credit history and score.
  • Collateral Agreement: If the loan is secured, this document specifies the assets that will serve as collateral. It protects the lender in case the borrower defaults on the loan.
  • Disclosure Statement: This document provides important information about the loan, including fees, terms, and conditions. It ensures that borrowers understand their obligations before signing the loan agreement.
  • Personal Guarantee: In some cases, a personal guarantee may be required. This document holds an individual personally responsible for the loan if the borrowing entity defaults.
  • Room Rental Agreement: To clarify rental terms effectively, use our detailed Room Rental Agreement form guide for a smooth tenant-landlord relationship.
  • Amortization Schedule: This schedule details each payment over the life of the loan, showing how much goes toward interest and how much goes toward the principal. It helps borrowers plan their finances accordingly.

Understanding these documents can help borrowers navigate the loan process more effectively. Each form plays a critical role in protecting the interests of both the borrower and the lender.