A loan agreement refers to the legally-binding contract drawn up between a lender and a borrower. This contract regulates and specifies the conditions of the loan being extended to the borrower. In other cases, the loan agreements are also used for the regulation of securities lending, but in either case, this agreement is often in written form. It’s also called a loan contract, a business loan agreement, or a persona loan agreement, and it can be used for student loans, business, real estate, and personal loans. Now, while the loan contract is referred to as the promissory note by some people, there are some differences between these two financial instruments. For starters, the loan agreement is significantly more comprehensive in terms of the clauses and sections covered, and it’s also enforceable only after it’s signed by both the lender and the borrower. On the other hand, the promissory note is rather simple, only specifying the loan amount, parties to the agreement, the loan’s effective date, the date that the borrower is expected to repay the money, and only the signature of the borrower. With these differences in mind, the promissory note is often used only between close family or friends. Now, if you are planning to take out a loan or if you are planning to provide a loan, you’d have to sign a loan contract, but before signing it, we recommend first downloading the free New York loan agreement form. This loan agreement form will serve as a template to help you understand what you need to review before putting pen to paper, or clicking ‘I Agree.’ In essence, the sample loan agreement form gives you a comprehensive overview of what you need to know about the contract you are planning to sign. If using the promissory notes, the sample form used is the promissory note form. The differences and the use of sample loan agreements cleared out, here are some of the important sections/ elements of the loan agreement that you need to be aware of before you sign the agreement.