Loan Agreement Template

All states | 6 types
Loan Agreement Page 1
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Updated Apr 18, 2025
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A loan agreement is a contract between a lender and a borrower that must be followed by both parties. It carefully spells out important details like how much money is taken, when it must be paid back, the interest rate, and what will happen if the payments aren't made on time. On Loio, you can make a loan contract template, change it to fit your needs, and then use it again.
Choose your type of this legal template.
Document Types
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Paper titled "Loan Agreement"; man shaking his hand with a woman holding a big coin; coins and bank notes lying on the right

When To Use a Loan Contract

You can use a loan agreement template when:

  • Lending money to a friend or family member — to avoid confusion and keep the agreement clear.
  • Borrowing money from someone you know — to show you're serious about paying it back.
  • Giving or getting a loan for a business — to outline terms like interest and payment schedule.
  • Buying something expensive with a payment plan — like a car, equipment, or electronics.
  • Charging interest on a personal loan — to make it legally binding and fair.
  • Protecting yourself legally — in case of missed payments or disputes.

Types of Loan Document Templates

On the Loio, the following types of simple loan agreement templates are available:

How To Fill Out a Loan Agreement Contract

1. Fill in the names and addresses

contract for loaning money

Start with entering the names of both parties (the one giving the loan and the one receiving it) along with their addresses.

Example:

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").

2. Specify the loan amount

contract for loaning money

Mention how much money is being loaned.

Example:

SUBJECT OF THE AGREEMENT. The Lender provides a loan to the Borrower in the amount of $10,000 (the "Principal Amount").

3. Set the interest rate

money loan contract

Write the agreed interest rate for the loan.

Example:

INTEREST RATE. The loan shall accrue interest at the rate of 1.5% per month (the "Interest Rate" or "Accrued Interest").

4. Add repayment terms

simple loan agreement template free

Note when the full amount is due and what happens with early or late payments.

Example:

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.

5. Add a clause for special situations

free loan agreement template

If unexpected events make it impossible to continue the basic loan agreement, set how many days it takes before either side can cancel.

Example:

If the force majeure circumstances last more than 30 days, either Party may terminate this Agreement by giving written notice.

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