{"id":27673,"date":"2023-03-21T14:58:25","date_gmt":"2023-03-21T21:58:25","guid":{"rendered":"https:\/\/www.nerdwallet.com\/ca\/?page_id=27673"},"modified":"2023-03-21T14:58:27","modified_gmt":"2023-03-21T21:58:27","slug":"personal-loan-agreement","status":"publish","type":"page","link":"https:\/\/www.nerdwallet.com\/ca\/loans\/personal-loan-agreement","title":{"rendered":"How to Write Up a Personal Loan Agreement"},"content":{"rendered":"\n<p>When one person is willing to lend money to another person, a personal loan agreement is often advised.&nbsp;<\/p>\n\n\n\n<p>A personal loan agreement is similar to the contract you\u2019d sign when getting a <a href=\"https:\/\/www.nerdwallet.com\/ca\/loans\/what-is-a-personal-loan\">personal loa<\/a>n from a financial institution, but when it\u2019s between two individuals, it\u2019s typically a little less formal.\u00a0<\/p>\n\n\n\n<p>That said, a personal loan agreement offers protection to both parties if there\u2019s ever a dispute, which is why having one is essential. Here\u2019s how to write it up.<\/p>\n\n\n\t<div class=\"c-block-table-of-contents nw-table-of-contents wp-block-table-of-contents \">\n\t\t<div class=\"c-block-table-of-contents__table-wrapper \">\n\t\t\t<h2 id=\"jump-to\"  class=\"c-block-table-of-contents__title\">Jump TO<\/h2>\n\t\t\t<ul class=\"c-block-table-of-contents__links\">\n\t\t\t\t\n\n<li class=\"wp-block-nerdwallet-blocks-table-of-content-item c-block-table-of-contents__link\"><a href=\"#write-up\">How to write up a personal loan agreement<\/a><\/li>\n\n\n\n<li class=\"wp-block-nerdwallet-blocks-table-of-content-item c-block-table-of-contents__link\"><a href=\"#example\">Personal loan agreement example<\/a><\/li>\n\n\t\t\t<\/ul>\n\t\t\t<div class=\"c-block-table-of-contents__show-more--wrapper\">\n\t\t\t\t<span class=\"c-block-table-of-contents__show-more\">\n\t\t\t\t\t<label class=\"show-more-label\" for=\"c-block-table-of-contents__show-more\">Show more<\/label>\n\t\t\t\t\t<label class=\"hide-more-label\" for=\"c-block-table-of-contents__show-more\">Show less<\/label>\n\t\t\t\t<\/span>\n\t\t\t<\/div>\n\t\t<\/div>\n\t<\/div>\n\n\n\n<h2 id=\"what-is-a-personal-loan-agreement\"  class=\"wp-block-heading\"><strong>What is a personal loan agreement?<\/strong><\/h2>\n\n\n\n<p>A personal loan agreement, sometimes referred to as a promissory note, is a legally binding contract between two parties.&nbsp;<\/p>\n\n\n\n<p>Although not always used, a personal loan agreement is a helpful document when lending money to a friend or family member. If the expectation is that the money will be repaid, having a personal loan agreement will clearly outline the terms.<\/p>\n\n\n\n<p>The main reason you&#8217;d want to have this type of contract in place is because it holds the lender and borrower accountable. With a clear agreement in writing, the lender isn\u2019t left guessing about when the <a href=\"https:\/\/www.nerdwallet.com\/ca\/personal-finance\/what-is-debt\">debt<\/a> will be repaid.\u00a0From the borrower&#8217;s perspective, the terms are clearly defined, so there&#8217;s no question about how the money will be delivered, or what&#8217;s expected during repayment.<\/p>\n\n\n\n<p>As long as the repayment schedule is kept, both parties have nothing to worry about and their relationship is not affected. However, if the terms aren\u2019t met, and the borrower defaults on the loan, the lender could take legal action.\u00a0<\/p>\n\n\n\n<p>Without a personal loan agreement in place, it would likely be difficult for the lender to take action against a borrower who breaks their word.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"write-up\"><strong>How to write up a personal loan agreement<\/strong><\/h2>\n\n\n\n<p>You can write up a personal loan agreement by hand, with pen and paper, or draft it on your computer. Once the document looks good, it can be printed out and signed by both parties.<\/p>\n\n\n\n<p>Alternatively, if the circumstances of the loan are a bit complicated, or if you\u2019re looking for things to be more formal, you could hire a lawyer to draft up the agreement.&nbsp;<\/p>\n\n\n\n<p>Whether you go the do-it-yourself route or hire a professional, a personal loan agreement is legally binding in Canada.<\/p>\n\n\n\n<p>Both parties should carefully review the agreement before signing.&nbsp;<\/p>\n\n\n\n<h3 id=\"what-a-personal-loan-agreement-should-include\"  class=\"wp-block-heading\">What a personal loan agreement should include<\/h3>\n\n\n\n<p>If you\u2019re going to create a personal loan agreement from the ground up, it should include the following information:<\/p>\n\n\n\n<ul>\n<li>Legal names and address of both parties.<\/li>\n\n\n\n<li>Names and address of the loan cosigner (if applicable).<\/li>\n\n\n\n<li>Amount to be borrowed.<\/li>\n\n\n\n<li>Date the loan is to be provided.<\/li>\n\n\n\n<li>Repayment date.<\/li>\n\n\n\n<li>Interest rate to be charged (if applicable).<\/li>\n\n\n\n<li>Annual percentage rate (if applicable).<\/li>\n\n\n\n<li>Payment terms (installments with dates, lump sum, etc.).<\/li>\n\n\n\n<li>Method of payment (cash, e-transfer, etc.).<\/li>\n\n\n\n<li>Penalties for late or nonpayment.&nbsp;<\/li>\n\n\n\n<li>Collateral (if applicable).<\/li>\n\n\n\n<li>Information on how disputes will be settled (if applicable).&nbsp;<\/li>\n\n\n\n<li>Prepayment penalties (if applicable).<\/li>\n\n\n\n<li>Signatures from all parties involved, including the date.<\/li>\n\n\n\n<li>Signature from a witness representing both parties (if applicable).&nbsp;<\/li>\n<\/ul>\n\n\n\n<h3 id=\"how-much-interest-can-i-charge-on-a-personal-loan\"  class=\"wp-block-heading\"><strong>How much interest can I charge on a personal loan?<\/strong><\/h3>\n\n\n\n<p>How much <a href=\"https:\/\/www.nerdwallet.com\/ca\/banking\/principal-and-interest\">interest<\/a> you can charge on a personal loan depends on how much the borrower is willing to accept and how much risk you\u2019re taking on.\u00a0<\/p>\n\n\n\n<p>For example, if you\u2019re worried about the creditworthiness of the individual, you may want to charge a higher interest rate. If you\u2019re just trying to do a favor for a friend, you might charge very low or even zero interest.<br><br>Note that Canada\u2019s criminal code does not allow <a href=\"https:\/\/www.nerdwallet.com\/ca\/loans\/personal-loan-rates-canada\">personal loan interest rates<\/a> to exceed 60% annually.<\/p>\n\n\n\n<p>Instead of interest, some people ask for equity. This would usually only apply if you\u2019re lending money to someone that\u2019s looking to use the funds to build their business. If equity is part of your deal, it must be included in the personal loan agreement.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"example\"><strong>Example of a simple personal loan agreement<\/strong><\/h2>\n\n\n\n<p><strong>This example template is for informational purposes only.<\/strong> <em>Before signing or asking someone to sign a personal loan agreement, be sure to consult a legal professional, and\/or the laws in your province.<\/em><\/p>\n\n\n\n<div class=\"wp-block-group has-lightest-blue-background-color has-background is-layout-constrained wp-block-group-is-layout-constrained\" style=\"padding-top:var(--wp--preset--spacing--30);padding-right:var(--wp--preset--spacing--30);padding-bottom:var(--wp--preset--spacing--30);padding-left:var(--wp--preset--spacing--30)\">\n<h4 id=\"example-personal-loan-agreement\"  class=\"has-text-align-center wp-block-heading\">EXAMPLE PERSONAL LOAN AGREEMENT<\/h4>\n\n\n\n<p>This loan agreement is dated January 1, 2023.<\/p>\n\n\n\n<p>This is a personal loan agreement between:<\/p>\n\n\n\n<p class=\"has-text-align-center\">Ritchie Ma of 555 Biggs St., Markham, ON, X1Y 2Z3 (the Borrower)<\/p>\n\n\n\n<p class=\"has-text-align-center\">AND<\/p>\n\n\n\n<p class=\"has-text-align-center\">Jason Yip of 123 Wedge St., Stouffville, ON, A9B 8C7 (the Lender)<\/p>\n\n\n\n<p><strong>Loan Amount &amp; Interest<\/strong><\/p>\n\n\n\n<ol>\n<li>The Lender promises to loan $10,000 CAD to the Borrower on\u00a0February 1, 2023.<\/li>\n<\/ol>\n\n\n\n<p><strong>Payment<\/strong><\/p>\n\n\n\n<ol start=\"2\">\n<li>This loan will be repaid in full, plus added interest of $1,000 ($11,000 total) on or by January 1, 2025, in cash or bank draft.<\/li>\n\n\n\n<li>No additional interest or collateral\u00a0will be charged on the loan.<\/li>\n\n\n\n<li>At any time while not in default under this agreement, the Borrower may make lump sum payments to pay the outstanding balance, without penalty.<\/li>\n<\/ol>\n\n\n\n<p><strong>Default<\/strong><\/p>\n\n\n\n<ol start=\"5\">\n<li>If the Borrower defaults in the payment schedule under this agreement, then the Lender may declare the principal amount under this agreement to be in default. At that time, the full amount is due and payable immediately.<\/li>\n<\/ol>\n\n\n\n<p><strong>Governing Law<\/strong><\/p>\n\n\n\n<ol start=\"6\">\n<li>This agreement will be constructed in accordance with laws set in the Province of Ontario.<\/li>\n<\/ol>\n\n\n\n<p><strong>Costs<\/strong><\/p>\n\n\n\n<ol start=\"7\">\n<li>The Borrower will be liable for any costs and expenses, without limitation, incurred by the Lender to enforce this agreement as a result of default by the Borrower. These costs will be added to the principal amount and agreed interest. The total amount shall be due and paid immediately upon demand of the Lender.<\/li>\n\n\n\n<li>List of costs (if applicable).<\/li>\n<\/ol>\n\n\n\n<p><strong>Amendments<\/strong><\/p>\n\n\n\n<ol start=\"9\">\n<li>This agreement can be amended or modified if agreed upon in writing by both the Borrower and Lender.<\/li>\n<\/ol>\n\n\n\n<p><strong>Entire Agreement<\/strong><\/p>\n\n\n\n<ol start=\"10\">\n<li>This agreement constitutes the entire agreement between the Borrower and Lender. No further items or provisions, verbal or otherwise, are part of this agreement.<\/li>\n<\/ol>\n\n\n\n<p><strong>In witness whereof<\/strong>, the parties are to sign below on January 1, 2023.<\/p>\n\n\n\n<p>Signed, _______________ (Borrower), this __________ day of _______________<\/p>\n\n\n\n<p>Signed, _______________ (Lender), this ____________ day of _______________<\/p>\n\n\n\n<p>Signed, _______________ (Witness), this ___________ day of _______________<\/p>\n<\/div>\n\n\n\n<div class=\"nwb-authors nwb-authors__footer wp-block-nerdwallet-blocks-authors-card\">\n\t<div class=\"nwb-authors__wrapper\">\n\t\t<h4 id=\"about-the-author\"  class=\"nwb-authors__title\">\n\t\t\tAbout the Author\t\t<\/h4>\n\n\t\t\t\t\t<div class=\"nwb-authors__content\">\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.nerdwallet.com\/ca\/author\/barry-choi\">\n\t\t\t\t\t\t<img\n\t\t\t\t\t\t\tclass=\"nwb-authors__image\"\n\t\t\t\t\t\t\tsrc=\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2021\/07\/BarryChoi-e1626212860872-100x100.jpg\"\n\t\t\t\t\t\t\twidth=\"120\" height=\"120\"\n\t\t\t\t\t\t\talt=\"Barry Choi photo\"\n\t\t\t\t\t\t\/>\n\t\t\t\t\t<\/a>\n\t\t\t\t\n\t\t\t\t<div>\n\t\t\t\t\t<a href=\"https:\/\/www.nerdwallet.com\/ca\/author\/barry-choi\">\n\t\t\t\t\t\t<strong>Barry Choi<\/strong>\n\t\t\t\t\t<\/a>\n\n\t\t\t\t\t<div class=\"nwb-authors__bio\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<p>Barry Choi is a freelance personal finance and travel expert. His website moneywehave.com is one of Canada&#039;s most trusted sites when it comes to all things related to money and&hellip;<\/p>\n\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.nerdwallet.com\/ca\/author\/barry-choi\" title=\"Read more about Barry Choi\">\n\t\t\t\t\t\t\t<span>Read more about Barry Choi and explore their articles<\/span>\n\t\t\t\t\t\t<\/a>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t\t<\/div>\n<\/div>\n\n\n\n\t<section class=\"c-block-card-grid container\"\n\t\t\t>\n\t\t\t\t\t<h4 id=\"dive-even-deeper\"  class=\"c-block-card-grid__title\">\n\t\t\t\tDIVE EVEN DEEPER\t\t\t<\/h4>\n\t\t\n\t\t<div class=\"c-block-card-grid-scroll column-four\">\n\t\t\t<div class=\"c-block-card-grid-scroll__column\">\n<div id=\"post-25199\" class=\"c-block-card post-25199 page type-page status-publish has-post-thumbnail hentry content-classification-loans topic-personal-loans cluster-personal-loans\">\n\t<div class=\"c-block-card__inner c-block-card__inner--large\">\n\t\t\t<a class=\"c-block-card__image-wrapper\" href=\"https:\/\/www.nerdwallet.com\/ca\/loans\/dos-and-donts-of-personal-loan-repayment\" rel=\"bookmark\">\n\t\t<img loading=\"lazy\" width=\"435\" height=\"290\" decoding=\"async\" src=\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2023\/02\/GettyImages-1346727107-435x290.jpg\" class=\"c-block-card__image wp-post-image\" alt=\"8 Do&#8217;s and Don&#8217;ts of Personal Loan Repayment\" \/>\t<\/a><!-- .c-entry__thumbnail -->\n\t\t\t<div class=\"c-block-card__content-wrapper\">\n\t\t\t\n<h4 id=\"8-dos-and-donts-of-personal-loan-repayment\"  class=\"c-block-card__title\">\n\t<a href=\"https:\/\/www.nerdwallet.com\/ca\/loans\/dos-and-donts-of-personal-loan-repayment\" rel=\"bookmark\" class=\"c-block-card__title-link\">\n\t\t8 Do&#8217;s and Don&#8217;ts of Personal Loan Repayment\t<\/a>\n<\/h4>\n\n\t<div class=\"c-block-card__content\">\n\t\t<p>Your personal loan repayment strategy will be unique to your loan terms and financial situation. Here&#8217;s what to keep in mind before you apply.<\/p>\n\t<\/div>\n\n\t<div class=\"c-block-card__authors\">\n\t\t\t\t<div class=\"nw-written-by-layout-inline\">\n\t\t\t\n\t\t\t<div class=\"nw-written-by-layout-inline--wrapper\">\n\t\t\t\t<a href=\"https:\/\/www.nerdwallet.com\/ca\/author\/nora-dunn\" class=\"author url fn\" rel=\"author\"><img loading=\"lazy\" decoding=\"async\" width=\"32\" height=\"32\" src=\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2021\/11\/Nora-Dunn-The-Professional-Hobo-0035-e1637619627161-40x40.jpg\" class=\"avatar avatar-32 photo wp-post-image\" alt=\"\" \/>Nora Dunn<\/a>\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/div><!-- .c-card__content-wrapper -->\n\t<\/div>\n<\/div><!-- #post-25199 -->\n<\/div><div class=\"c-block-card-grid-scroll__column\">\n<div id=\"post-25704\" class=\"c-block-card post-25704 page type-page status-publish has-post-thumbnail hentry content-classification-loans topic-personal-loans cluster-personal-loans\">\n\t<div class=\"c-block-card__inner c-block-card__inner--large\">\n\t\t\t<a class=\"c-block-card__image-wrapper\" href=\"https:\/\/www.nerdwallet.com\/ca\/loans\/personal-loan-calculator\" rel=\"bookmark\">\n\t\t<img loading=\"lazy\" width=\"460\" height=\"259\" decoding=\"async\" src=\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2023\/02\/GettyImages-1155347271-460x259.jpg\" class=\"c-block-card__image wp-post-image\" alt=\"Personal Loan Calculator\" \/>\t<\/a><!-- .c-entry__thumbnail -->\n\t\t\t<div class=\"c-block-card__content-wrapper\">\n\t\t\t\n<h4 id=\"personal-loan-calculator\"  class=\"c-block-card__title\">\n\t<a href=\"https:\/\/www.nerdwallet.com\/ca\/loans\/personal-loan-calculator\" rel=\"bookmark\" class=\"c-block-card__title-link\">\n\t\tPersonal Loan Calculator\t<\/a>\n<\/h4>\n\n\t<div class=\"c-block-card__content\">\n\t\t<p>Use this personal loan calculator to compare the monthly and total cost of two personal loans, side by side. Just enter the loan amount, term and interest rate.<\/p>\n\t<\/div>\n\n\t<div class=\"c-block-card__authors\">\n\t\t\t<\/div>\n\t\t<\/div><!-- .c-card__content-wrapper -->\n\t<\/div>\n<\/div><!-- #post-25704 -->\n<\/div><div class=\"c-block-card-grid-scroll__column\">\n<div id=\"post-23057\" class=\"c-block-card post-23057 page type-page status-publish has-post-thumbnail hentry content-classification-loans topic-personal-loans cluster-personal-loans\">\n\t<div class=\"c-block-card__inner c-block-card__inner--large\">\n\t\t\t<a class=\"c-block-card__image-wrapper\" href=\"https:\/\/www.nerdwallet.com\/ca\/loans\/how-do-i-get-a-personal-loan\" rel=\"bookmark\">\n\t\t<img loading=\"lazy\" width=\"435\" height=\"290\" decoding=\"async\" src=\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2023\/02\/GettyImages-1028679822-435x290.jpg\" class=\"c-block-card__image wp-post-image\" alt=\"How Do I Get a Personal Loan? Cost, Eligibility and Credit Score\" \/>\t<\/a><!-- .c-entry__thumbnail -->\n\t\t\t<div class=\"c-block-card__content-wrapper\">\n\t\t\t\n<h4 id=\"how-do-i-get-a-personal-loan-cost-eligibility-and-credit-score\"  class=\"c-block-card__title\">\n\t<a href=\"https:\/\/www.nerdwallet.com\/ca\/loans\/how-do-i-get-a-personal-loan\" rel=\"bookmark\" class=\"c-block-card__title-link\">\n\t\tHow Do I Get a Personal Loan? Cost, Eligibility and Credit Score\t<\/a>\n<\/h4>\n\n\t<div class=\"c-block-card__content\">\n\t\t<p>To get a personal loan in Canada, you&#8217;ll have to meet common requirements around age, residency, income, and credit score.<\/p>\n\t<\/div>\n\n\t<div class=\"c-block-card__authors\">\n\t\t\t\t<div class=\"nw-written-by-layout-inline\">\n\t\t\t\n\t\t\t<div class=\"nw-written-by-layout-inline--wrapper\">\n\t\t\t\t<a href=\"https:\/\/www.nerdwallet.com\/ca\/author\/hannah-logan\" class=\"author url fn\" rel=\"author\"><img loading=\"lazy\" decoding=\"async\" width=\"32\" height=\"32\" src=\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2021\/07\/Hannah-Logan-e1626212867388-40x40.jpg\" class=\"avatar avatar-32 photo wp-post-image\" alt=\"\" \/>Hannah Logan<\/a>\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/div><!-- .c-card__content-wrapper -->\n\t<\/div>\n<\/div><!-- #post-23057 -->\n<\/div><div class=\"c-block-card-grid-scroll__column\">\n<div id=\"post-15760\" class=\"c-block-card post-15760 page type-page status-publish has-post-thumbnail hentry content-classification-loans topic-personal-loans cluster-personal-loans\">\n\t<div class=\"c-block-card__inner c-block-card__inner--large\">\n\t\t\t<a class=\"c-block-card__image-wrapper\" href=\"https:\/\/www.nerdwallet.com\/ca\/loans\/what-is-an-unsecured-personal-loan\" rel=\"bookmark\">\n\t\t<img loading=\"lazy\" width=\"460\" height=\"192\" decoding=\"async\" src=\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2022\/11\/Unsecured-Personal-Loan-feature-image-e1668469043796-460x192.jpg\" class=\"c-block-card__image wp-post-image\" alt=\"What is an Unsecured Personal Loan?\" \/>\t<\/a><!-- .c-entry__thumbnail -->\n\t\t\t<div class=\"c-block-card__content-wrapper\">\n\t\t\t\n<h4 id=\"what-is-an-unsecured-personal-loan\"  class=\"c-block-card__title\">\n\t<a href=\"https:\/\/www.nerdwallet.com\/ca\/loans\/what-is-an-unsecured-personal-loan\" rel=\"bookmark\" class=\"c-block-card__title-link\">\n\t\tWhat is an Unsecured Personal Loan?\t<\/a>\n<\/h4>\n\n\t<div class=\"c-block-card__content\">\n\t\t<p>An unsecured personal loan doesn\u2019t require collateral and typically has a faster approval process. However, it may come with higher interest rates.<\/p>\n\t<\/div>\n\n\t<div class=\"c-block-card__authors\">\n\t\t\t\t<div class=\"nw-written-by-layout-inline\">\n\t\t\t\n\t\t\t<div class=\"nw-written-by-layout-inline--wrapper\">\n\t\t\t\t<a href=\"https:\/\/www.nerdwallet.com\/ca\/author\/sandra-macgregor\" class=\"author url fn\" rel=\"author\"><img loading=\"lazy\" decoding=\"async\" width=\"32\" height=\"32\" src=\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2021\/07\/Sandra-MacGregor-e1626212852416-40x40.jpg\" class=\"avatar avatar-32 photo wp-post-image\" alt=\"\" \/>Sandra MacGregor<\/a>\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/div><!-- .c-card__content-wrapper -->\n\t<\/div>\n<\/div><!-- #post-15760 -->\n<\/div>\t\t<\/div>\n\t<\/section>\n\n","protected":false},"excerpt":{"rendered":"<p>A personal loan agreement outlines the terms under which one individual lends money to another; holding both parties legally accountable.<\/p>\n","protected":false},"author":12,"featured_media":27684,"parent":15647,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"page-templates\/article-sidebar.php","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"apple_news_api_created_at":"","apple_news_api_id":"","apple_news_api_modified_at":"","apple_news_api_revision":"","apple_news_api_share_url":"","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"\"\"","apple_news_suppress_video_url":false,"apple_news_use_image_component":false,"footnotes":"","_nw_pros_cons_block_schema":""},"content-classification":[337],"topic":[338],"cluster":[339],"pp_author":[23],"acf":[],"apple_news_notices":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>How to Write Up a Personal Loan Agreement - NerdWallet Canada<\/title>\n<meta name=\"description\" content=\"A personal loan agreement outlines the terms under which one individual lends money to another; 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