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Simple-loan-agreement-template.doc Form

hi we're going to show you how to write a personal loan agreement all you have to do is come right to this webpage and it is side whether you want to write this in Adobe PDF Microsoft Word or rich text format we're going to do it Adobe PDF because that always seems to be the easiest now this is a fillable form so all you have to do is wherever there's a blank just click this load agreement is made will be effective on let's just write in the date here it's May 24:05 2 4 1 5 and after is referred to as the borrower will say it is Johnny Appleseed the street of the dress of 1 2 3 Apple Way Apple bill Texas 1 2 3 4 5 and let's just say he's lending his wife Nancy Appleseed money and she lives at the same address so promise to pay within how many months of today borrower promises to pay the lender X amount of dollars so we'll say we'll give Nancy a year to pay and we'll say it is $10,000 and coming down here we're going to enter the details of the law so it is a $10,000 long no there's no other money amount financed it is ten thousand finance charges we're going to be nice and do zero total of payments we will do ten thousand and the annual percentage rate this is the interest rate now most states have what's called a usury rate which is the maximum allowed interest that you can charge your someone else for alone so we'll be okay to Nancy Archer 4% so repayment of loan borrower will pay back the following manner borrow repay them out of this note in blank so I'm guessing if it's once a month will be 12 equally continuous monthly installments of we and we will say let's do a quick $10,000 divided by 12 with the 10% I'm doing this on my calculator on my phone right now so at 4% of 10,000 that would be ten thousand four hundred divided by 12 equals eight six six and sixty six cents and we'll say Nancy's gotta pay on the first day of each month preliminary on the starting day and ending on the last day and then you come down here to reap repayment of loan any late charges security or collateral now when you get in a security or collateral that basically means say Nancy has a diamond ring or something like that basically says look if I do not pay that you have a hundred percent ownership of whatever collateral is written in here failure to pay there will be a penalty and at the very end Nancy and Johnny have to sign here and it always helps to have a witness I can't stress that more than us that there should be at least two witnesses to this form and that's it that's how you can write a personal loan agreement