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A loan agreement is a written contract between a borrower and a lender outlining terms for repaying borrowed money, primarily based on the borrower’s promise to adhere to a repayment schedule, either with regular payments or a lump sum. These agreements are legally binding and enforce the repayment obligation. Various types of loan agreements cater to different scenarios, including business, personal, home equity, car, and student loans. Each type establishes specific repayment terms. Additional related documents include family loan agreements for transactions between family members and IOUs, which serve as simple acknowledgments of borrowed funds without detailed repayment terms or interest rates.
