Learn how to create a straightforward loan arrangement. Make your own simple loan agreement by using our simple loan agreement samples as a template.
sample 1 – Simple Loan Agreement letter
The undersigned agrees to pay to [Robert and Janet Calhoun] the principal sum of Five thousand, six hundred and seventy five dollars and no cents. [$ 5,675.00] This note also includes interest of six percent [6%].
The principal amount, including interest, is payable in payments as follows: [two hundred and seventy five dollars and no cents ($275.00)] on the 1st day of [MONTH] and one hundred and seventy five dollars and no cents ($175.00) due the 15th of [MONTH] and every month thereafter until this loan is paid in full.
All installments are due on the 1st and 15th day of each and every month thereafter until this Note is fully paid.
The only exception is the final payment, if not paid at an earlier date, which will be due on 21st day of [MONTH] in the amount of [thirty nine dollars $39.00]. All payments made will be first applied to interest and then principal balance.
Payments are to be by mailing to [ADDRESS]. The lenders reserve the right to change the address in writing if necessary. It may become necessary for the lenders to secure the amount of said note.
The undersigned agrees that this note may be revocable due to non-payment of any collection costs, such as court, and other collection activities will be added to the balance.
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Should the lender exercise this option, the entire unpaid balance of the loan and interest becomes due and payable immediately. Reasonable collection activities may include attorney fees and obtaining a judgment.
By signing this document, both parties agree to the terms and guidelines laid forth.
___________________________
Borrower
___________________________
Borrower
____________________________
Lender
____________________________
Lender
sample 2 – Simple Loan Agreement letter
I, Sandy Smith, borrowed $2,500 from Darci Barton on [DATE]. I will repay the loan in one lump sum when I receive my income tax refund.
I, Sandy Smith, promise to repay Darci Barton the entire amount of $2,500, using a personal check on [DATE].
I also agree to pay a $5 late fee per day if I fail to make the agreed upon one lump payment on [DATE].
By signing this document, both parties agree to the terms and guidelines laid forth.
___________________________
Borrower
____________________________
Lender