Are there different types of loan agreements?

Yes. Loan agreements can range from simple promissory notes to complex loans like mortgages and auto loan agreements.

Loan agreements are governed by state and federal laws, which provide limits on the amount of interest lenders can charge when loaning money. Those laws also provide a framework and guardrails for other terms and conditions of loan agreements, designed to protect both the lender and the borrower in the event the agreement is later taken to court.

Was this helpful? /

Can't find what you are looking for?

Contact us here.