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Allow me to share with you these 17 Free Loan Agreement Templates in MS Word and PDF format to help draft your own Free Loan Agreement Templates quickly. You can also download our Payment Agreement Templates and Purchase Agreement Templates.

 

A loan agreement template is basically a contract. It outlines the basic terms and conditions of a loan to a borrower. This agreement includes the principal, interest rate, loan amount, loan duration, interest fees, and other details. You can also call a loan as a promissory note. A promissory note is also a legal document that contains an agreement between two parties. They define that each party needs to pay a certain sum of money on some future date.

How to create a Loan Agreement?

Most loan agreement templates are available in Microsoft Word. This word-processing software allows users to create legal documents in a matter of minutes. After saving the file format to your computer, all you need to do is open it and follow the instructions. You will then enter the information regarding your business, the names, and addresses of the borrowers and lenders. Generally, the agreement templates take you about ten minutes to complete.

 

However, there are some instances where you may need to revise the template agreement. One of these occasions is if the original agreement was drafted using an out-of-date computer system. In this case, you would have to first reinstall the computer program. After that update the information contained within the agreement. Another occasion when a borrower changes his mind and wants to extend the loan agreement terms is also an example of when you would need to revise the agreement. In this case, you should contact the borrower and ask him/her to review the file format. It would be much better to fix any problems before the actual contract is signed.

 

If you find any problems with the original loan agreement template, you can easily amend the document by inserting new paragraphs or even change the entire text or layout. The inserted amendments will be applied to the new file format and your original document would be updated accordingly. However, there is one caution. It is imperative that you keep the file format present as you initially upload it. A borrower who has an existing version of the file format will not be able to view a new version online.

 

There are many companies online that provide a wide array of file formats for people interested in creating their own loan agreements. A borrower can select from the various templates available and get the agreement ready within a few minutes. These companies have experts who can guide the customers with regard to the correct application of the template and make sure that the content is properly written. Most of these companies also offer a money-back guarantee for those who are not satisfied with the finished product. Once you have received the final copy of the loan agreement templates, you can easily print them out and distribute them to the concerned person or members of the company.

 

Creating the loan agreement templates using word processing software is easy. However, if you are not aware of this, you may end up spending more time than you want to on the creation of these documents. This is because the process of converting the PDF document into the desired file format and using the right encryption technique may take a much longer time than you had anticipated. Therefore, if you have a tight schedule, it may be better to save time by creating the agreement manually using word processing software.

 

In order to create a good template, you need to first decide on the major issue that is the focus of the agreement. It could either be the interest rate or the term of the loan. Once you have decided on these issues, you need to define the borrower’s profile. This means that you need to know if the borrower is a homeowner or an individual who has an unstable financial status. The other important factor that you need to include in the document is the information regarding the borrowing activity for the borrower.

 

These factors are all interrelated and you cannot just include one without the other. Hence, before you start writing the contents in the document, make sure that you understand and incorporate all the necessary aspects of the borrower’s profile and credit history into the document. In addition to this, you also need to include the other important issues such as the payment details, the balance that the borrower has to pay, the penalty charges if there are any, the monthly installments, and the repayment period. Once you have included all the relevant information in the loan agreement, you should proofread the document carefully to avoid any errors.

17 Free Loan Agreement Templates:

01. This is a simple loan agreement template. Meanwhile, you can use this template to pay the amount of the loan. This template records the personal details of both parties. It schedules the down payment method and the future installments. This template defines everything in a well-managed way for a good understanding.

loan agreement template 01

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02. It is an efficient loan agreement template. In short, this template records the detail about each thing. It saves the information in different blocks and sections. This template provides a way to repay the loan amount to the lender. It forms trust between both parties. You can easily download this template from here.

 

 

 

loan agreement template 02

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03. This is another simple loan agreement template. Meanwhile, you can use this to give load to a borrower. This template schedules everything in a simple way. It creates ease for both parties. This template records the personal details, duration, amount, and payment method. You can make changes to this template according to your wish.

loan agreement template 03

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04. It is a comprehensive loan agreement template. In short, this template defines some set of rules to repay the amount of loan. According to this template, it is very necessary for both parties to read this agreement. It also defines a percentage of interest upon the total borrowed amount.

 

 

 

loan agreement template 04

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05. This is a detailed loan agreement template. Meanwhile, you can use this template to lend an amount of loan. This template forms a deal between two parties upon some terms and conditions. It schedules the future installments and the payment method. You can modify this template according to your requirement.

loan agreement template 05

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06. It is an interest-based loan agreement template. In short, this template schedules the repayment of a loan with a percentage of the loan. One can use this template to earn interest upon the total amount. It records all the details and terms in an efficient way. This is a long-term agreement.

loan agreement template 06

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07. There are a lot of templates but this one is for lending a large amount. Meanwhile, you can use this template to get a loan. This template forms trust between both parties. It reduces the risks of conflicts between both parties. You can make changes to this template according to your need.

loan agreement template 07

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08. It is a consumer loan agreement template. In short, this template is used to provide a loan to the consumer. For example, sim companies provide us a loan but they also inform us about their interest rate upon the total amount. Similarly, this template is used to provide a loan to the consumer.

loan agreement template 08

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09. This is an elegant loan agreement template. Meanwhile, you can use this template to borrow money from your friend and relative.  This template defines a set of rules to secure the rights of both parties. It schedules repayment of the loan according to the willingness of both parties. This template allows both parties to take legal action in the case of a breach.

 

 

loan agreement template 09

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10. It is another simple loan agreement template. In short, this template schedules repayment of a loan amount in a simple way. It records everything in a well-managed way for a good understanding. This template reduces the risk of conflicts between both parties. It is compulsory for both parties to read the terms and conditions of this template. You can make changes to this template according to your wish.

loan agreement template 10

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11.

loan agreement template 11

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12.

loan agreement template 12

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loan agreement template 13

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loan agreement template 14

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loan agreement template 15

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loan agreement template 16

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loan agreement template 17

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