The use of a loan agreement is prudent in such instances as it protects the borrower. The pre-defined terms of the loan are clear in the document. 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. 15th August, 2015 for the benefit of students seeking educational loans. Although the Indian government offers free compulsory education for children up to 14 years, getting a quality education from a private college is extremely expensive. If you've ever loaned money and not been repaid, you understand the need for a Loan Agreement. A legally binding Loan Agreement not only maps out the terms of the loan, but it also protects you if the borrower defaults on the loan. Take control of what content you see. From inspiration on starting a business to learning more about how to find solutions - make our site yours and never miss a beat.