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Making a Loan Agreement
If you've ever loaned money and not been repaid, you understand the need for a Loan Agreement. A legally-binding Loan Agreement not only maps out the terms of the loan, but it also protects you if the borrower defaults on the loan and fails to pay you back as agreed.
It's easy to make a Loan Agreement on Rocket Lawyer. Just answer a few critical questions, and we'll generate the proper legal language for your contract. Before you write your own Loan Agreement, you should know some of the basic details that are included. For example, you'll need to identify who the lender and borrower are, and you should know the general terms and conditions of your loan, such as, how much money you are lending, and what your expectations are for being paid back.
Our Loan Agreement Form can be used to create a legally-binding agreement suitable for any state. It is simple to use, and it only takes a few minutes to make. Even though it is easy to make the document, you'll need to gather a bit of information to make the process go faster.
Legal resources for a Loan Agreement: 7 CFR § 1718.103
With a Rocket Lawyer Loan Agreement, you can agree to various types of loan repayment structures including installment payments or a lump sum. Ultimately, the best payment schedule is one that the borrower can manage. With Rocket Lawyer, you have the flexibility to decide which payment schedule will work best for your loan.
If this loan document doesn't fit your needs, we offer other types of loan contracts including:
If you have questions about making your Loan Agreement, ask a lawyer.
Essentially, a Loan Agreement and Promissory Note serve the same purpose as both being written agreements for loans, but a Loan Agreement typically contains more formalities and is more detailed than a Promissory Note.
Can I write a personal Loan Agreement between family members?
Yes, you can write a personal Loan Agreement between family members. It is important to follow contract formalities to hold both parties accountable. If there is a dispute, it will be difficult to prove the terms of your arrangement without a formal contract. If you've already loaned money and are having a difficult time collecting payments, see How to Collect Personal Debt from a Friend, Family Member or a Business.