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A loan agreement is a written contract between a borrower and a lender that outlines the terms for repayment of borrowed money. It is based on the borrower's promise to repay according to a specified schedule, either through regular payments or a lump sum. Loan agreements are legally binding, ensuring compliance from the borrower. Common types of loan agreements include personal, business, home equity, car, and student loans. Variations exist to establish repayment terms, including family loan agreements, which are for money borrowed among family members, and IOUs, which are informal acknowledgments of debt without specific repayment conditions or interest rates.
