A Simple Loan Agreement is a contract entered into between a Lender and a Borrower, stipulating the terms and conditions of the loan.
What is a Simple Loan Agreement?
A Simple Loan Agreement is fairly informal and relaxed between the parties, yet at the same time provides the Lender with sufficient legal protection should the Borrower default in terms of their agreement.
Who is it suited to?
This agreement is suited to individuals lending money in an informal manner with or without interest, also known as a personal loan 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.
If you are looking for a more formal loan agreement this will be more suitable