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A personal loan agreement is a legal contract between a lender and a borrower for lending money, which can be a bank, credit entity, or individual. Unlike standard loans, which have specific usage restrictions (e.g., student loans, mortgages), personal loans offer flexibility in how the funds can be used. While personal loans are generally unsecured, some may require collateral, which should be detailed in the contract. Essential components of a personal loan include the names and addresses of both parties, signatures, the state of execution, the contract date, and the total loan amount. These elements ensure the legality and clarity of the agreement.
