Loan agreement: FAQs
What is a loan agreement?
A loan agreement is struck between a borrower and a lender. It sets out how much money is being lent, the repayment terms, and, crucially, the interest rate, as well as any other fees.
Is a loan agreement legally binding?
When signed, a loan agreement is legally binding. The money involved is now the borrower’s, and must be repaid to the lender on the terms agreed to in the contract.
When should I use a loan agreement?
Whenever you’re borrowing or lending money, you’ll need a loan agreement. In fact, in many countries, it’s a requirement for the loan to be legal.
What should a loan agreement look like?
A loan agreement should include basic info, like how much is to be lent, the repayment terms, the repayment period, and the amount of interest that’s to be applied to the loan, as well as any other fees that might apply.
Can I create a loan agreement in Oneflow?
You absolutely can! Our template is a great starting point! Try it out today for free.
Is Oneflow free?
We have a free plan that allows users to send, track and sign as many PDF contracts as possible. So if you’re happy with just signing PDF contracts, the answer is yes, it’s free. Forever.
Loan agreement template for free
Create lots of different kinds of contracts fast with our free templates. Have a look around to find more!
