A Loan Agreement is a lawfully enforced document that lays down the details of a loan transaction between two people. By signing this document, the borrower is obliged under the law to repay the loan amount according to the time duration mentioned in the agreement and the lender is legally liable to lend the sum without fail.
The document is signed as a security for both the parties and helps in maintaining the agreement terms lawfully. This is a state-specific document and warrants separate format for each state.
You can easily draft this agreement using our document template that contains the legal framework and binding terms such as Borrower, Lender, Principal Amount etc in it. The template is electronically downloadable and editable.
Simply add your specifics to the template, revise the terms you wish to keep, and you’d be done. The document will help you strengthen your loan transaction with attorney-verified use of legal text.