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The most important aspect of a loan is that it can be adjusted to its liking by being very detailed or just a simple note. In any case, each credit agreement must be signed in writing by both parties. 3. Document date Sounds like common sense, but it`s easy to overlook. The repayment of the loan depends on the date on which the contract is drawn up. Select a start and end date for the refund of the money and write it down. The borrower agrees that, until full payment of the loan, the loan will be granted by ________ Late – If the borrower is in arrears due to non-payment, the interest rate is due to the balance of the loan until the loan is paid in full, in accordance with the agreement established by the lender. Most people who lend to family or friends don`t charge interest. You should, however, ask yourself if you will lose significant income from the money during the period. .