Free Loan Agreement Generator
Create a loan agreement for a personal or business loan — principal, interest, repayment schedule, late fees and collateral, with an interest-cap clause built in. Download Word & PDF, generated on your device.
- Free
- No signup
- Word & PDF
- Installments or lump sum
How it works
- 01 Add lender and borrower
Both parties, with addresses.
- 02 Set the loan terms
Principal, interest, repayment schedule, maturity date and any late fee or collateral.
- 03 Review clause by clause
Including the default and interest-cap terms, each with a plain-English note.
- 04 Download Word & PDF
Generate a clean document on your device, no watermark.
FAQ
Loan agreement questions
- What is a loan agreement?
- A loan agreement is a written record of a loan between a lender and a borrower. It states the amount borrowed (the principal), any interest, how and when the loan is repaid, and what happens if a payment is missed. Both parties sign it.
- What is the difference between a loan agreement and a promissory note?
- A promissory note is a borrower’s one-sided written promise to repay. A loan agreement is more detailed and is signed by both the lender and the borrower, covering repayment, default and other terms. This generator creates a loan agreement; it also works well for documenting a personal or family loan.
- What should a loan agreement include?
- Most loan agreements cover the parties, the principal amount, the interest rate (if any), the repayment schedule, the maturity date, late fees, what counts as default, and whether the loan is secured by collateral. This generator builds each of those and lets you turn optional clauses on or off.
- Is there a limit on the interest I can charge?
- Often, yes. Most states set a maximum legal interest rate (a usury limit), and charging more can be illegal. The limits vary by state and by the type of loan, so check the rate that applies where you are before you set one. The generated template also includes a clause that automatically reduces any rate to the legal maximum.
- Can I download the loan agreement in Word and PDF?
- Yes. You can download the finished template as a Word (.docx) file to keep editing, or as a PDF for a clean copy. Both are generated on your device — no signup, no watermark, and nothing is uploaded.
- Is this legal advice?
- No. Free Contract Generator provides self-help templates and general information, not legal advice, and no attorney-client relationship is created. Consult a licensed attorney for advice about your specific situation.