Payday loans are a very common private loan for people who have bad credit, because all you need to prove is proof of employment. The lender will then give you an advance and your next paycheck will pay the loan plus a large portion of the interest. Since the private credit agreement form is a legal and contractual agreement between two parties, it must contain detailed information about both parties as well as the particularities of the private loan for which the contract is concluded. A template may contain the payment terms that the lender wishes to see in the document. There are four repayment rules that the borrower can offer to a lender. There may be more than one repayment provision in the draft loan agreement. Paperwork also provides protection to the lender. This is due to the fact that the document serves as proof of the terms of the loan and what the borrower has agreed to repay. This loan form document provides written proof of the general conditions of sale between the two people, namely: The lender and the borrower, closes. With a Rocket Lawyer credit agreement, you can accept different types of credit repayment structures, including installments or a lump sum.