Late – If the borrower is in arrears due to non-payment, the interest rate is due to the balance of the loan until the loan is paid in full, in accordance with the agreement established by the lender. A simple credit agreement indicates the amount borrowed, the interest due and what must happen if the money is not repaid. A credit agreement is a written agreement between a lender and a borrower. The borrower promises to repay the credit according to a repayment plan (regular payments or lump sum). As a lender, this document is very useful because it legally obliges the borrower to repay the loan. This loan agreement can be used for commercial, private, real estate and student loans. .