Unsecured loan agreement: person to person; private or business
This agreement can be used in any situation where the lender does not require or is willing to forgo security in case of default.
- Solicitor approved
- Plain English makes editing easy
- Guidance notes included
- Money back guarantee
About this document
An unsecured loan is used when the lender is confident that the borrower will repay.
The main reasons to record the terms in a document are to prevent a disagreement later, and to allow the lender to seek recourse if the loan is not repaid.
This document could be used for loans:
between family members or friends
between a company and a director
between a partner and a partnership business
If you are a director or shareholder, lending to or borrowing from your company, then a written agreement will ensure the arrangement is clear to other directors, shareholders and HMRC.
The purpose of the loan does not affect the terms of the agreement. You could be lending a friend money for short-term expenses, such as wedding costs, or to a business on a longer term.
This agreement contains all the terms you would expect as standard in this type of unsecured agreement:
Structure of the loan
Alternative draw down arrangements
Provisions of information to lender
Repayment and interest payment arrangements
Method of payment
Provision for default situations
A round up of legal matters
Drawn outside the Consumer Credit Act 1974, this agreement is not suitable for companies in the business of lending or providing credit to consumers.
This document was written by a solicitor for Net Lawman. It complies with current English law.
What other customers thought
Average customer rating
By Andy Willis 19 September 2016
I've bought a few legal contracts from websites over the years, but this was most definitely the best. Not only is the document written in English that I can understand, but there is an array of helpful guidance notes included too. I don't think you could find contracts anywhere else that were so comprehensive and easy to understand!
By R S Turner 19 September 2016
It was straight forward, simple and exactly what we needed. Great value for money.Instructions very easy to follow through.
By Michel Cosh 01 August 2016
My main concern is always not understanding the legal terminology but this is not the case in my experience of downloading two of your documents. I have successfully used one of your templates before and automatically defaulted to you again in this case. Ease of editing was key for me and the document has enabled us to support our daughter's ambitions without having to go to a solicitor, though we did need a legally binding agreement so there was no question of adopting an amateur, non-legal approach. I would have no hesitation in recommending your services.
By Karen Nixon 31 July 2015
Very efficient at sending the document through. Instructions on website were easy and self explanatory.
Document itself appeared thorough yet still easy to understand
Other similar providers wanted to charge higher fees or commit buyer to long te contracts by direct debit. I
Definitely would use site again and recommend.
Upon doing a Google search, your site did not immediately come up and took some finding. You may wish to look at this.
By Tim Birkett 08 June 2015
A straightforward and speedy service which gave me exactly what I wanted; a properly constructed loan agreement that ticked all the bases. Money well spent!
By Kevin Sander 05 June 2015
Speedy email service, templates delivered covered exactly what they said they would, and were easy to use with clear instructions. Really good online service.
By Lawrence Wong 06 March 2015
Very simple to use
By Atif Masood 15 October 2014
The document was exactly what I was looking for. Very easy and straightforward to edit which saved me a lot of time and money as I was quoted £350 from a firm of solicitors for the same thing!
I am very happy with the service and the quality of the document. I would definitely recommend Net lawman to anybody looking for any legal documents.
By Terry Higgins 20 June 2014
Very good service.
By Dimuthu Thammitage 12 November 2013
The document I downloaded was really helpful for my matter. It was relevant and easy to modify due to the instruction documents it comes along with. It is cost effective and really worth for the money I have spent. I rate the service as 5 star.
By Elizabeth Milne 24 October 2013
First rate service. Found the form very easy to complete and a great affordable way to agree a private personal loan.
By Malcolm J Bradshaw 22 February 2017
IT NEEDED SOME ALTERATION BUT OTHERWISE VERY GOOD.
By Stephen Barrett 21 November 2016
Good straightforward plain English document.
I would have liked a few more options/suggested wordings for Purpose of loan (including replacing an existing undocumented loan) and repayment terms - maybe something to do with instalments and how interest is calculated and accumulated. But these are small points that a bit of sensible writing can cover.
Website as always works perfectly, with immediate response if paying by credit card.
By Jane Boyle 13 April 2015
Needed a quick and simple document to use which we could amend to suit us individually. This is what we received instantly. Am sure if we had used the verification service that would have been good too but didn't need it on this occasion.
By Trevor Deacon 21 December 2016
I have an as yet unresolved problem using the document, because I don't have Microsoft Word only Open Office. After a prompt response from the support team I have a readable version to look at, but due to IT ignorance, I have been unable to print from this. I am awaiting family IT experts to visit. I didn't see any notes on site to say Word is necessary, although it maybe there.
I did like the guidance notes.
By Geoffrey Hall 28 October 2013
You do not explain your meaning of the rating number. Is number 1 a high or low rating? As I am not a solicitor I cannot determine if your document has covered all the relevant legal issues correctly. I read other users comments on your web site. I was slightly concerned that I could see no poor no reviews your web site. However, I decided to pay for your service rather than trusting a "free" web site service.
I was particularly disappointed not to receive the document either by email or download from the site even though Sage Pay confirmed you had received my payment via debit card.
It took two exchanges of emails between myself and to Rashid Ramay before you realized that you had not delivered the document. I had to wait 14 hours after I had paid before I could use your document. I strongly suggest that you check carefully your automated system for delivering documents after payment. I hope that my poor experience is not reflected to other customers of yours.
Net Lawman responds 10 November 2013
Rating is five high, one low. Our review system is new. We have recently started to publish all reviews. So far we get about 80% five star. You will find that "legal issues" are covered. That is our business. We are lawyers, not salesmen.
"I have used you in the past and am always impressed!"Diane Bantten (Acquit Debt Recovery)
"A great site for small business owners. I have required two documents and you have been able to provide both at a modest cost. Both documents have met with my requirements and saved me on legal fees. Keep up the good work."Warren Brogden
"Simply you are easy to work with and reasonably priced. I could edit the document . This word version was exactly what I was looking for. We were easily able to replace old out of date forms."Brett Wilson