Ideal for formalising loan conditions between family or friends whether or not you intend to charge interest.
A Loan Agreement between family and friends is a legal and binding contract. This contract stipulates the terms and conditions of the loan and generally formalises the amount lent, repayments and term of the loan.
What is an Unsecured Loan Agreement?
An unsecured Loan Agreement, also known as a personal loan, is where the loan is not backed by any form of collateral and the Lender has no entitlement to any of the Borrower's assets in the event of the Borrower failing to repay the loan.
Who is it suited to?
This agreement is ideal for friends and family whereby money is being loaned to the Borrower and is to be paid back to the Lender in installments, with or without interest.