Personal Loan Agreement
A written loan between two people with the amount, interest and repayment plan they agree. The borrower signs first, then the lender.
For the United States, Canada, the United Kingdom and Australia.
The PDF is free to download. Centilio Sign is free to start.
What it covers
The template has 9 parts.
- The loan
- Interest
- Repayment
- Paying early
- Late payments
- Default
- Costs
- Security
- General
What you will be asked
Have these details ready. The template needs them before anyone signs.
- How much are you lending?
- When will you pay the money to the borrower?
- What yearly interest rate will you charge? Say zero for none.
- How will the borrower pay it back?
- By what date must it all be repaid?
- How will the payments be made?
- Will you charge a late fee? Say none if not.
Who signs
Everyone the template names, and what each one does.
- BorrowerSigns
- LenderSignsSends it
Where it fits
For a private loan between people who know each other, or from a person to a small business. A bank or licensed lender should use its own regulated loan documents, and a loan secured on a home needs a mortgage drawn up locally.
Before you rely on it
Original Centilio wording, not legal advice. Interest caps, lending licence rules and consumer credit law differ by place. Check the rate, any late fee and the default terms with a local lawyer before you approve it.
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