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There are even instances where a prepayment is made mandatory.
A Loan Agreement, also known as Loan Contract, is a contract where one party (called the "lender") will lend to another (called the "borrower") a sum of money (the loan).
It is likely to be used for family and friends loan arrangements as well as arms length business deals. Personal loans are usually unsecured, but the agreement helps to formalize the loan. A Business Loan Agreement is an agreement whereby a loan is provided to a business through a bank, organization, or an individual.
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