Empower your financial relationships with our simple yet comprehensive Personal Loan Agreement Template. Whether lending or borrowing , this template provides a clear framework for defining terms, timelines, and repayment structures, ensuring a transparent and secure personal loan agreement between friends.
This Standard Personal Loan Agreement ("Agreement") is entered into on (Date), (the "Effective Date"), by and between:
Name: [Lender.FirstName] [Lender.LastName]
Address: [Lender.StreetAddress] [Lender.City] [Lender.State] [Lender.PostalCode]
Contact Information: [Lender.Phone] , [Lender.Email]
Social Security Number (if applicable): (Lender's SSN or Tax ID)
Name: [Borrower.FirstName] [Borrower.LastName]
Address: [Borrower.StreetAddress] [Borrower.City] [Borrower.State] [Borrower.PostalCode]
Contact Information: [Borrower.Phone] , [Borrower.Email]
Social Security Number (if applicable): (Borrower's SSN or Tax ID)
WHEREAS, the Borrower, hereinafter referred to as the "Borrower," has made a formal request to the Lender, hereinafter referred to as the "Lender," for a loan to be used for a specific purpose;
WHEREAS, the Lender, in its discretion, has agreed to extend credit to the Borrower by providing a loan in the principal amount as specified herein;
WHEREAS, the parties have come to an agreement regarding the terms and conditions of the loan, including the interest rate to be applied;
WHEREAS, it is the intention of both parties to formalize their agreement in writing and to create a legally binding document to govern the rights and obligations of the Borrower and the Lender;
NOW, THEREFORE, in consideration of the mutual promises and covenants contained herein, the parties hereby enter into this Personal Loan Agreement (the "Agreement") to set forth the terms and conditions of the loan as follows:
The Borrower has requested a loan from the Lender for the purpose of (Specify Purpose of the Loan).
The Lender has agreed to lend the Borrower the principal amount of (Loan Amount in Numeric and Written Form).