Contracts & agreements
Personal loan agreement template (US)
A general template under US law. Laws differ from state to state, so check it against your state's law or with a lawyer licensed there. We are not a law firm and do not give legal advice.
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Personal Loan Agreement and Promissory Note
Date: Loan Date
Lender: Lender Name, at Lender Address
Borrower: Borrower Name, at Borrower Address
1. Loan
Lender lends Borrower $Loan Amount (the "Principal"), and Borrower acknowledges receipt on Funding Date.
2. Promise to Pay
For value received, Borrower promises to pay Lender the Principal and interest as stated here.
3. Interest
Interest accrues at Annual Interest Rate% per year on the unpaid Principal. If this rate exceeds what the law allows, the rate is reduced to the highest lawful rate, and any excess paid is applied to Principal. Check your state's usury law. For a loan between family members, federal tax rules on below-market loans may apply.
4. Repayment
Borrower will pay Repayment Schedule, starting on First Payment Date, with all amounts due by Final Due Date. Payments go first to accrued interest, then to Principal. Borrower may prepay at any time without penalty.
5. Late Payment
A payment more than Late Grace Days days late bears a late charge of $Late Charge, as far as the law allows.
6. Default
If Borrower misses a payment and does not cure it within Cure Days days after written notice, or becomes insolvent, Lender may declare the whole unpaid balance due. Borrower will pay reasonable collection costs and attorney's fees as far as the law allows.
7. Security
This loan is Secured or Unsecured. Collateral, if any: Collateral Description. A separate security agreement is needed for any collateral.
8. General
This Agreement is governed by the laws of the State of Governing State. A delay in enforcing a right does not waive it. Changes must be in a signed writing. A consumer lender in the business of making loans may need a state license and must give federal Truth in Lending disclosures.
| Borrower | Lender |
| --- | --- |
| Signature: Borrower Signature | Signature: Lender Signature |
| Name: Borrower Printed Name | Name: Lender Printed Name |
| Date: Borrower Signing Date | Date: Lender Signing Date |