Simple Family Loan Agreement Template

The family loan agreement is a template that allows two 2 family members construct a legal contract for the lending of money to a borrower in exchange for being paid back at a later time with interest.

Simple family loan agreement template. The family loan agreement is a document that is made between relation by blood or marriage with one 1 acting as borrower and the other a lender. Tidyform provides a large number of free and hand picked simple loan agreement template which can be used for small medium and large sized enterprises. This loan agreement can be legally developed by a family lawyer or can be customarily generated to suit the conditions of the lender and the borrowers within the family setup. This agreement can also apply to lending money to close friends with an aim of getting back your money with an interest after a certain duration of time.

The family member that is asking for the money may be required to pay an interest rate defined as a percent compounded annually by the lending party. Considering the person that is borrowing the money is family the loan is unsecured which means there are no assets behind the paper agreement. A loan agreement is a written agreement between a lender and a borrower. You can find practical colorful files in word excel powerpoint and pdf formats.

The borrower promises to pay back the loan in line with a repayment schedule regular payments or a lump sum. The borrower promises to pay back the loan in line with a repayment schedule regular payments or a lump sum.