It might so happen that you have a machine, tool or something valuable of which don’t have any use at the present moment. Under such a circumstance, lending it out to a party is a financially logical thing to do. But for that, you would need some paperwork. More precisely, you would need a loan agreement that stipulates the duration and associated costs of the loan.
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5 Steps to Create a Loan Agreement in MS Word
Step 1: Write Down the Overview and Definitions
In the first section after the cover page, write down the overview of the contract. This should include the basic details like between whom this contract is being created and the date of the same. Below this write down the definitions of the various terms that you are going to be using henceforth in the contract.
Step 2: The Terms and Conditions
In the next section write down the various terms and conditions that you want the person to abide by. Make this portion as detailed and clear as possible. This would prevent the possibility of a loophole that might be exploited down the line. This would include the following subsections.
Step 3: Details of Repayment
Write down the amount that you would be charging for this loan. You might ask for the full amount at once or might settle for a monthly payment. Also if you would like to accept the payment in a certain method, then mention that here as well. Mention every other detail of the payment, like by when each installment should be paid and the fee incurred for every late payment.
Step 4: Liabilities of Borrower
If a person borrows something from you, then it becomes his duty to return it back to you in the same condition that you had given it to him. For that, you need to first describe the condition what you are lending was initially in. Then, mention clearly that any damages done to the property would have to be fixed by the borrower himself. He could also pay for the damages done instead.
Step 5: Provisions and Signature
In the final stage mention the various provisions. This is basically a detailed section that mentions the various rate of interest as well as the various tterms and conditions that the person borrowing from you should be abiding by. Finally, write a statement that mentions that the person signing below accepts the various terms and conditions that have been mentioned above. Beneath this leave space for the name and signature of the borrower followed by the date.
21+ Loan Agreement Templates
1. Loan Agreement Template
If you are thinking of lending that old piece of machinary that has been lying in your backyard doing nothing but gathering rust, then you should consider lending it. Well if you are worried about the documentation that would be involved, leave that to us. Just download and open this agreement in Google Docs and fill in your details and you would be good to go.
2. Equipment Loan Agreement
Why let that piece of equipment just gather dust when it can serve as a wonderful source of passive income? Of course you would need a contract for that and we have already prepared that for you. Just download and open this agreement in Word. Editing is extremely easy and the instructions for doing the same have been provided along with the templates.
3. Commercial Loan Agreement Template
If you are facing an economic issue which is preventing you from buying that piece of hardware that you need to do the business you already have at hand, then getting a commercial loan is not a bad idea. This template is all that you would need to get started. Our commercial loan agreement templates are extremely easy to edit.
4. Personal Loan Agreement Template
If you were intending to create a personal loan agreement but was unsure of the format to use then you should take a look at this example. Our loan agreement formats follow the international standards, so you can trust us. Check out our loan agreement formats to get started with creating your own agreement.
5. Restaurant Loan Agreement Template
Thinking of taking rest for a while? But you are worried about what is to become of the restaurant that you have been running for the past few years. That is an easy problem to solve. Just let someone borrow your business for a period of time. You would be getting a certain cut from the profit as well. When it comes to our agreement templates, things are actually as easy as we make them sound.
6. Loan Agreement Example
Loan agreements might seem very complicated if you are unfamiliar with them. But our simple commercial loan agreements make things extremely easy for you to understand. We also have stockholder loan agreement templatess as well, if that is what you were looking for. Both are extremely easy to use.
7. Simple Loan Agreement Example
This simple loan agreement example will show you how to create a contract that helps you to lend your property or equipment of which you have no use at the moment. This is a great source of passive income that you should use right now. We have other such templates including agreements in Pages if those are what you are more comfortable using.
8. Professional Loan Agreement Template
If you were thinking about buying that dream car and was wondering how much it would cost in the long run for the loan that you have to take, consider using our easy loan calculator. You might also use our car loan agreement form. But if your needs are merely a professional loan agreement for project services, just download this template.
9. Basic Loan Agreement Example
If you have been looking for a basic loan agreement example on the internet and the free loan agreement templates that you came across did not seem sufficient, then check out this example. We have several more of them created for various situations. You are bound to find something that fits the bill for you.
10. Sample Loan Agreement Example Format
Need to take a look at a sample agreement example so that you can start preparing your own? Look no further than this example. Still if you prefer to have something that will lessen the burden of creating one from scratch consider downloading one of our templates. They are extremely easy to edit and the instructions for doing so come along with it.
11. Commercial Loan Agreement in PDF
The terms and conditions of a commercial loan agreement might seem overwhelming at first glance. But having our site bookmarked means you can prepare yourself beforehand, so that when you come across one you know what to expect. Download this commercial loan agreement template in PDF to get started.
12. Loan Agreement Template in PDF
If this is your first time creating a load agreement then you might be looking for references. If your searching the internet so far has proved to be futile, it is high time you gave our website a look. There are many templates pertaining to different situations. You are bound to find something that you can use for yourself.
13. Loan Agreement Example Format
It is always a good idea to use an agreement even if you would be lending your property to somebody you know for a while. It is never a bad idea to secure yourself. That is why you should consider preparting a loan agreement. If you are not aware of the format, take a look at this agreement example and you should be good to go.
14. Loan Modification Agreement Template
If you are looking for a loan modification agreement template and Google has bogged you down with the generic loan agreement templates then you should probably look at this template instead. This is surely the thing you are looking for and if there rare chance it is not our vast collection of template is sure to hold the thing you are looking for.
15. Formal Loan Agreement Example
A formal loan agreement might look different from the simple ones that you have come across so far. Depending on the situation you are in you might be looking for the former. That is why we would like you to download this sample. There are such multiple examples available on our site that you can make use of.
16. Subsidiary Loan Agreement Template
If you have downloaded this template and was wondering how we are able to provide you with exactly the template you are looking for every time, let us tell you the secret. Our team of professionals are dedicated to find the best templates for each scenario. They spend hours doing the research so that you don’t have to. So come and check out our templates.
17. Secure Loan Agreement Example
18. Construction Loan Agreement Example
19. Free Loan Agreement Template
20. Loan Agreement Example in PDF
21. Loan Agreement Template in Doc
22. Printable Loan Agreement Template