Personal loan agreements
Write down a loan between people: the amount, interest, repayments and what happens if it goes wrong.
Put money lent between people on clear terms.
- Personal / Legal document
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Key features
Amount and what it is for
The sum in figures and words, the date and way it is paid, and what the money will be used for.
Interest, or none
A line for whether it carries interest and, if so, the rate, start and how it is calculated.
Repayment and early payment
How it is repaid, instalment amounts and dates, the final date, and whether early payment carries a charge.
Late payments and calling it in
What happens if a payment is late and when the lender may ask for everything at once.
Security and a guarantor
Whether the loan is secured and by what, and a guarantor's name, with a signature line for them.
About this document
A personal loan agreement records that one person has lent another a sum of money and how it will be repaid: the amount, whether interest is charged, instalments, early repayment, late payments, security and any guarantor. Putting a loan between friends or family in writing helps both sides remember what was agreed.
This blank form leaves every rate, charge and period blank for the two of you to agree; it does not set them. Rules on interest, charges and lending can apply and differ by state, so ask a lawyer if the sum is large, interest is involved or a security is given.
Is this document right for you?
Useful when
- You are lending money to a friend or relative
- You are borrowing and want the terms clear
- You want the repayments recorded so no one disputes them later
Commonly used by
- Friends and family lending to each other
- Small private lenders
- People helping with a deposit or a course fee
Not sure? about your situation first.
Alternatives
These are separate documents, for different jobs.
- Promissory notesA written promise to repay a sum of money.View document
- Amortization ScheduleLay out each loan payment split between principal and interest.View document
- Debt Settlement AgreementAgree the terms on which a debt will be settled.View document
- Financial Statement (Personal)Summarize your assets, debts and income in one statement.View document
When to use this
- A parent lends a child money for a car
- A friend lends money for a business start-up
- Two people agree instalments for a debt
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More in Loans & IOUs
- Amortization ScheduleLay out each loan payment split between principal and interest.View document
- Financial Statement (Personal)Summarize your assets, debts and income in one statement.View document
- Promissory notesA written promise to repay a sum of money.View document
- Bill of SaleRecord the sale and transfer of an item from seller to buyer.View document
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Questions
About the personal loan agreements
The form leaves the rate blank. Limits on interest differ by state and by kind of loan, so check before filling it in.
Still have a question? .