Development of a loan agreement between individuals

«Changing stereotypes that big loans are the end!»

Shakhovets Anastasia

Lawyer in the practice of bankruptcy of individuals and individual entrepreneurs. Specializes in write-off of bank and MFI loans through the bankruptcy procedure.

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Development of a loan agreement between individuals

Borrowing funds from acquaintances or friends is a common practice. However, such actions, not supported by a properly executed contract, can lead to serious problems.

Why do you need a loan agreement?

A loan agreement is a legal document that clearly regulates the terms of lending funds by one person (lender) to another (borrower). It protects the interests of both parties, clearly outlining:

  • Loan amount: exactly how much money is transferred;
  • Loan currency: in which currency the loan is granted and returned;
  • Repayment period: when exactly the borrower is obliged to return the funds;
  • Interest rate: is there provision for interest payment for using the loan, if so, at what rate;
  • Procedure for transferring and returning funds: exactly how the loan will be transferred and returned (in cash, bank transfer, etc.);
  • Liability of the parties: what sanctions are applied in case of late refund or other violations of the terms of the contract.

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Why should you not make this contract without the involvement of a lawyer?

Drawing up a loan agreement yourself can lead to the following problems:

  • Imperfect wording: unclear or ambiguous wording can lead to different interpretations of the terms of the contract and, as a result, to disputes;
  • Absence of important provisions: the contract may not contain all the necessary clauses, which makes it legally invalid or does not provide full protection to the parties;
  • Non-observance of legal formalities: incorrect execution of the contract may deprive it of legal force.

The main features of a loan agreement between individuals

  • Written form: the loan agreement for the amount of more than UAH 170 must be concluded in writing.
  • Notarization: Notarization of the contract is not mandatory, but may be desirable, as it gives it greater legal force.
  • Interest rate: if the contract provides for the payment of interest, its amount cannot exceed the maximum level established by the National Bank of Ukraine.
  • Refunds: funds are usually returned in one lump sum within the term established by the contract. However, phased return is also allowed.
  • Early repayment: the contract may provide for the borrower’s right to early repayment.
  • Collateral: collateral may be provided to ensure the performance of the borrower’s obligations.

Algorithm of cooperation with our lawyer when drawing up a loan agreement between individuals

Contact us.

  • You can call us, email us, or fill out the feedback form on our website.

Describe your situation.

  • During the first consultation, our lawyer will ask you about the details of your situation in order to understand your needs and expectations.

Submit the necessary documents.

  • Lender’s and borrower’s passports;
  • Lender and borrower identification codes;
  • Evidence of the lender’s funds (bank account statement, etc.);
  • Other documents that may be required depending on your situation.

Discuss the terms of the contract.

  • Our lawyer will help you determine all important terms of the loan agreement, such as the loan amount, interest rate, repayment period, procedure for transfer and repayment of funds, responsibilities of the parties, etc.

Approval of the contract.

  • After you and the borrower agree to all the terms of the contract, our lawyer will prepare its final version.

Signing the contract.

  • The loan agreement is signed by the lender and the borrower. If necessary, the contract can be notarized.

Making a payment.

  • After signing the contract, the lender transfers the stipulated amount of funds to the borrower.


  • The borrower is obliged to return the loan and pay the interest (if it is stipulated by the contract) within the terms specified by the contract.

Advantages of working with our lawyer:

  1. Professionalism and experience. Our lawyers have deep knowledge of legislation in the field of loan relations and extensive experience in drawing up loan agreements.
  2. Individual approach. We approach each case individually, taking into account all the nuances of your situation.
  3. Privacy. We guarantee complete confidentiality of your information.
  4. Saving time and effort. By contacting us, you will save your time and energy, because we will take care of all legal aspects of drawing up a loan agreement.

Contact us now to protect yourself and your funds!

If you want to order a consultation or find out the cost of developing a loan agreement between individuals – fill out the form below.

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Lawyer in the practice of bankruptcy of individuals and individual entrepreneurs. Specializes in write-off of bank and MFI loans through the bankruptcy procedure.

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