wikiHow Template Loan Agreement Between Friends **This is not a legal document, only a template Loan Agreement This Loan Agreement (the "Agreement") is entered into on [Date] between: Lender: [Name of Lender] [Address of Lender] [City, State, ZIP] Borrower: [Name of Borrower] [Address of Borrower] [City, State, ZIP] Loan Details: Loan Amount: The Lender agrees to lend the Borrower the sum of [Loan Amount in Currency] (the "Loan Amount"). Interest Rate: The Loan Amount will be subject to an interest rate of [Interest Rate]% per annum, compounded [annually/semi-annually/quarterly/monthly] (choose one) (the "Interest Rate"). Loan Term: The Loan shall be repaid within a period of [Loan Term in Months/Years] (the "Loan Term"), commencing on [Start Date] and ending on [End Date]. Repayment Terms: Repayment Schedule: The Borrower shall repay the Loan Amount, together with accrued interest, in [Equal Monthly/Quarterly/Other] installments of [Amount] on the [Day] of each [Month/Quarter/Other], starting on [First Repayment Date] and continuing until the Loan is fully repaid. Prepayment: The Borrower may make prepayments on the Loan at any time without penalty. Late Payments: In the event of late payments, the Borrower agrees to pay a late fee of [Late Fee Amount] for each [Late Fee Frequency] that the payment remains outstanding. Collateral: No collateral is being provided for this loan agreement. Miscellaneous: Governing Law: This Agreement shall be governed by and construed in accordance with the laws of [State/Country]. Entire Agreement: This Agreement constitutes the entire agreement between the parties, superseding any prior agreements or understandings, whether written or verbal. Amendments: Any amendments or modifications to this Agreement must be made in writing and signed by both parties. Severability: If any provision of this Agreement is held to be invalid or unenforceable, the remaining provisions shall continue to be valid and enforceable. Confidentiality: The terms and conditions of this Agreement shall be kept confidential by both parties, except as required by law. The undersigned parties acknowledge that they have read and understood the terms and conditions of this Loan Agreement and agree to be bound by its terms. Lender: [Name of Lender] Borrower: [Name of Borrower] Date: _________________________ Please note that this is a general template and it's essential to consult with a legal professional to ensure that the loan agreement complies with applicable laws and regulations in your jurisdiction. Page