How Do I Write A Personal Loan Agreement

If this loan document does not fit your needs, we offer other types of loan agreements, including: Repayment Plan – An overview detailing the principal and interest of the loan, loan payments, the due date of payments and the duration of the loan. Relying solely on a verbal promise is often a recipe for a person who gets the short end of the stick. When repayment terms are complex, a written agreement allows both parties to clearly specify the terms of payment in instalments and the exact amount of interest due. If a party does not fulfill its part of the agreement, this written agreement has the added benefit of having recalled the understanding that both parties have consequences….