Free Loan Agreement Generator
For loans more involved than a simple IOU — set out the principal, interest, collateral, and what happens if a payment is missed.
1. Describe the Loan
Lender, borrower, principal amount, and what (if anything) secures it.
2. Set Terms
Interest rate, repayment schedule, and what happens on late payment or default.
3. Download Agreement
Get a complete, signature-ready agreement covering both sides of the deal.
Frequently Asked Questions
What's the difference between this and a promissory note?
A promissory note is a simple one-sided promise to repay. A loan agreement is more detailed and two-sided, typically used for larger loans, business lending, or when collateral is involved.
Can I secure the loan with collateral?
Yes — describe the collateral in your prompt (e.g. "secured by the borrower's vehicle") and it's included as its own section with repossession terms on default.