Free Loans and Credit Forms

Whether you are looking for new financial opportunities for your business or thinking about personal loans and credit, our guide will let you discover more about these financial instruments. See our library of templates below to start the loan process:

1. Revolving Credit Agreement. It is signed by the financial institution and its customer to allow the use of extra funds in case the customer has exceeded the established credit limit.
2. Loan Agreement. These are the main documents that outline the rights and responsibilities of the lender and the borrower regarding the loan.
3. Promissory Note. These are agreements that state how much money the borrower owes to the lender and break down the repayment structure.
4. IOU Template. When you need to borrow money from a close friend or relative, you can create this short document that establishes your promise to pay back the debt.

1. Credit Dispute Letters. These are written by borrowers and debtors to point out the omissions and discrepancies in their credit reports.
2. Credit Denial Letters. If your application for credit was not approved, a lender will draft a statement explaining their reasoning and send it to you.
3. Demand Letters are filled out by individuals and companies that want to notify their business partners, customers, and third parties about actions they must stop or payments they still owe.

Other related forms include the following:

• Credit Application Form. Complete this form to introduce yourself to a prospective lender and show why you would be a good candidate for a loan;
• Credit Card Authorization Form. Cardholders sign this document to give other parties permission to charge their credit card for various payments, usually on a regular basis;
• Loan Amortization Schedule. Typically created in the form of a table or spreadsheet, this document will show you how much money you need to pay each month towards the loan until you fulfill your financial obligations;
• Financial Statements. These describe in full detail the financial operations of the organization;
• Corporate Guarantee. It is composed when an insurance company provides financial protection to the loan;
• Personal Guarantee. Draft this document when an individual promises to pay back the loan in case the original borrower fails to do so.

How Do Loans Work?

Before you negotiate and sign any loan agreements, you need to learn the basics about loans and credit and find out how you can borrow money at the lowest cost:

• The loan usually refers to a sum of money borrowed from a financial institution or an individual with the obligation to pay it back, generally with interest and fees;
• You pay the loan over time – several months or even years;
• Potential lenders will require a lot of documents from you before your loan application is approved – they will examine your credit history, financial situation, employment history, and other factors before agreeing to a loan;
• Interest rates are fixed or variable – they depend on your credit rating, amount of money borrowed, and the term of the loan. 

The loan process includes four steps:

1. Apply for a loan. Contact a bank or individual that provides loans and notify them about your intention to take out a loan.
2. Qualify for a loan. Once the lender receives your application and supplemental documents, they will determine your eligibility for a loan.
3. Receive the loan funds in case of approval. Within weeks a loan will be sent to the account you indicate for a lender.
4. Pay the loan balance. Your agreement with a lender will list the full loan amount and the due dates of installment payments that include interest.

Related Tags and Topics:

• Bookkeeping;
• Business Operations;
• Service Contracts.