While mentioned in brief earlier, a free loan agreement template is a legal document. It must contain specific information in clear, legal language. Get instant access to hundreds of business forms, templates, and contracts online today. Find documents for almost every kind of business such as purchase orders, partnership agreements, loan agreements, applications, and bill of sale. Promissory NotePromissory Note is similar to a Loan Agreement. However, it is a simpler form and doesn't usually include as many provisions as a Loan Agreement. A loan agreement can come in many variations and the purpose for a loan are a many. An individual or business can use a loan agreement to set out terms such as an amortization table detailing interest (if any) or by detailing the monthly payment on a loan. We never know about the uncertainties in life and hence when it comes to your money make sure that you invest it in a proper place with proper agreements that specify all conditions thoroughly. Payment agreement plan comes handy when for setting forth the conditions of repayment for any loan and also specifies greater details like terms for repayment in case the debtor defaults. The greatest aspect of a loan is that it can be customized as you see fit by being highly detailed or just a simple note. No matter the case, any loan agreement must be signed, in writing, by both parties.