You can use a loan agreement template when:
On the Loio, the following types of simple loan agreement templates are available:
Start with entering the names of both parties (the one giving the loan and the one receiving it) along with their addresses.
This Loan Agreement (the "Agreement") is entered into on April 20, 2025 (the "Effective Date") by and between David Morgan, an individual having their usual place of living at 123 Oak Street, Denver, CO (the "Lender"), and Emily Turner, an individual having their usual place of living at 456 Pine Avenue, Boulder, CO (the "Borrower").
Mention how much money is being loaned.
SUBJECT OF THE AGREEMENT. The Lender provides a loan to the Borrower in the amount of $10,000 (the "Principal Amount").
Write the agreed interest rate for the loan.
INTEREST RATE. The loan shall accrue interest at the rate of 1.5% per month (the "Interest Rate" or "Accrued Interest").
Note when the full amount is due and what happens with early or late payments.
REPAYMENT TERMS AND PROCEDURE. The entire Principal Amount with the Accrued Interest shall be due and payable on December 31, 2025 (the "Maturity Date").
Early repayment. The Borrower reserves the right to prepay the Principal Amount, in full or in part, at any time with a penalty of 0%.
Late payments. If the Borrower fails to make payments by the Maturity Date, a late fee of 2% of the overdue payment applies.
If unexpected events make it impossible to continue the basic loan agreement, set how many days it takes before either side can cancel.
If the force majeure circumstances last more than 30 days, either Party may terminate this Agreement by giving written notice.