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A loan agreement is a written contract between a borrower and lender outlining the terms for repaying borrowed money. It is based on the borrower’s promise to repay according to a specified schedule, which may involve regular payments or a lump sum. Loan agreements are essential for legally enforcing repayment. They are applicable in various situations, such as business, personal, home equity, car, and student loans. Variations include family loan agreements for borrowing between relatives and IOUs, which confirm borrowed money but lack detailed repayment terms or interest rates. Overall, the primary purpose of all loan agreements is to establish repayment terms for the owed money.
