This loan agreement details the terms and conditions of lending between a Lender and a Borrower. It is more suitable for a friendly loan. This friendly loan agreement is important as it can be used as evidence in the event of default. It is more suitable for friendly loans.
It is signed by both the Lender and Borrower in the presence of witnesses. Thereafter, it should be stamped with Stamp Duty within 30 days (at the nearest Lands Registry).