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A loan agreement is a written contract between a borrower and lender that outlines the terms for repaying borrowed money. Central to the agreement is the borrower’s commitment to repay the loan according to a specified repayment schedule, which can involve regular payments or a lump sum. Loan agreements are beneficial for lenders as they legally bind borrowers to repayment. Various types of loan agreements cater to different needs, such as business, personal, home equity, car, and student loans. Additionally, specific forms like family loan agreements and IOUs exist, where an IOU serves as a simple acknowledgment of borrowed money but typically lacks details on repayment terms or interest rates.