Business

Loan Agreement Template

A simple loan agreement between a lender and borrower covering the amount, interest, and repayment schedule.

What this template includes

✓Lender and borrower details
✓Loan amount, interest, and repayment schedule
✓Prepayment, late payment, and default
✓Optional security/collateral
✓Signatures

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Loan Agreement Template

LOAN AGREEMENT

This Loan Agreement (the "Agreement") is made on [DATE] between:

Lender: [LENDER NAME], located at [ADDRESS] ("Lender"); and

Borrower: [BORROWER NAME], located at [ADDRESS] ("Borrower").

1. LOAN AMOUNT
The Lender agrees to lend the Borrower the principal sum of [AMOUNT] (the "Loan"). The Loan will be provided to the Borrower on [DATE] by [PAYMENT METHOD].

2. INTEREST
The Loan will accrue interest at a rate of [PERCENTAGE]% per [year / month], calculated on the outstanding balance. (If no interest applies, state: This is an interest-free loan.)

3. REPAYMENT
The Borrower agrees to repay the Loan (plus any interest) as follows:
For example: [NUMBER] monthly installments of [AMOUNT], due on the [DAY] of each month, starting on [DATE], until fully repaid.
Payments will be made by [PAYMENT METHOD].

4. PREPAYMENT
The Borrower may repay the Loan early, in full or in part, at any time without penalty. Early payments will reduce the outstanding principal.

5. LATE PAYMENT
If any payment is more than [NUMBER] days late, a late fee of [AMOUNT] may be charged, and interest may continue to accrue on the overdue amount.

6. DEFAULT
The Borrower will be in default if a payment is more than [NUMBER] days overdue or if the Borrower breaches this Agreement. On default, the Lender may declare the entire remaining balance immediately due and payable and pursue any remedy available at law.

7. SECURITY
[Optional: The Loan is secured by the following collateral: [DESCRIBE COLLATERAL]. If the Borrower defaults, the Lender may take possession of the collateral as permitted by law. If unsecured, state: This is an unsecured loan.]

8. GENERAL PROVISIONS
(a) Governing Law. This Agreement is governed by the laws of [STATE/COUNTRY].
(b) Entire Agreement. This Agreement is the complete agreement between the parties and replaces any prior discussions, understandings, or agreements on this subject.
(c) Amendments. Any change to this Agreement must be in writing and signed by both parties.
(d) Severability. If any provision of this Agreement is found to be invalid or unenforceable, the remaining provisions will remain in full effect.
(e) Waiver. If a party does not enforce a provision, it does not give up its right to enforce that or any other provision later.
(f) Assignment. Neither party may assign or transfer this Agreement without the other party's prior written consent.
(g) Notices. Any notice under this Agreement must be given in writing (email is acceptable) to the other party.

IN WITNESS WHEREOF, the parties have signed this Agreement.

Lender
Date: ____________
Name: [LENDER NAME]
Signature: ______________________

Borrower
Date: ____________
Name: [BORROWER NAME]
Signature: ______________________

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Disclaimer: This template is provided for general informational purposes only and is not legal advice. Laws vary by location. For important agreements, consider having a qualified lawyer review your contract before signing.

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