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A personal loan agreement is a legal contract between a lender and a borrower for lending money. The lender may be a bank, credit entity, or individual, and the contract is legally binding. Unlike standard loans that dictate specific spending purposes (e.g., student loans, mortgages), personal loans offer more flexibility for various uses. They are typically unsecured, meaning they aren’t tied to assets, though some may require collateral. Essential elements of a personal loan include the names, addresses, and signatures of both parties, the state of execution, the contract date, and the total loan amount.
