Loan Agreement Format For Money Lending
Loan agreement is a document used to protect both parties involved ; the borrower and lender. The document records what is being loaned and when it will be paid back as well as specific terms, rights and obligations related to the loan.
The purpose of loan agreement is to protect both parties and to act as a promise to repay the money to the lender. When the loan agreement is agreed and signed by both parties, it becomes a legal binding document, and the borrower should return the money on the agreed terms and conditions, while for the lender, this means he/she can't add new terms or forced something which is not on the terms.
Loan agreement is complex, but we don’t have to write down all of agreement manually. We can use a template to make the process a bit easier, all we need to do is fill the required fields with the borrower and lender information.It can be the amount of money being borrowed, the lender and borrower name and so on.
Download the Loan Agreement Template
Internet is one of the best source to get loan agreement template and there are a lot of loan agreement templates available to choose from. Please make sure the one you are going to use is in compliance with state and federal regulations.
Edit the Template
When you get the template you want, you can open the template in your laptop or PC and edit just like what you need. The most common fields we need to edit are agreement date, name of the lender, name of the borrower, amount of money as well as payment schedule. You can also edit other part of the agreement if necessary.
Read and Print the Agreement
You can re-check the final loan agreement document to make sure nothing is left behind and the required fields are filled with correct information. Pay attention to the terms and make sure that you have understood because it is related to the rule of the loan.
Sign and Give the Document to the Borrower
If the agreement document is ready, you can print it out and get a few copy of it. Give one to the borrower and let them know about the terms along with its obligations. Both parties can then signing the document
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Monday, December 16th, 2019
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