Loan Agreement Basic
Collateral – A valuable object, such as a home, is used as insurance to protect the lender if the borrower cannot repay the loan. It`s easy to make a credit agreement with Rocket Lawyer. Just answer a few critical questions and we`ll create the right legal language for your contract. Before you write your own credit agreement, you should know some of the basic details that are included. For example, you need to identify who the lender and borrower is, and you need to know the terms and conditions of your loan, for example. B how much money you lend and what are your repayment expectations. A credit agreement is a written agreement between a lender and a borrower. The borrower promises to repay the credit according to a repayment plan (regular payments or lump sum). .