🏦 Loan Agreement
A loan agreement is a contract between a borrower and a lender that sets out the terms and conditions of the loan. The agreement will cover the amount of the loan, the interest rate, the repayment schedule, and any other terms and conditions. The agreement may also include a provision for collateral, which is property that the borrower pledges as security for the loan.
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Associated business activities
Lend or borrow a loan
If someone needs money, they can borrow a loan from another person. A Loan Agreement can help document the terms of the loan, like how much money is being borrowed and when it needs to be repaid. This can help prevent misunderstandings between the parties involved.
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