The loan amount is printed in a credit agreement template. Printed terms prevent future disputes over credit terms. If there is interest on the amount of the credit, the amount of interest is also part of the documented document. If the amount of credit is clear, it is guaranteed that there is no disagreement on what the borrower receives. The borrower is also aware of repayment expectations. Repayment expectations include the amount of the loan plus interest. It also includes the length of the period during which the borrower must repay the full amount. The repayment period by the lender is part of the options provided in writing by the borrower. The calendar can be days, weeks, months or years. A loan is not legally binding without signatures from both the borrower and the lender. A lender and/or borrower must find out the laws in which you reside to see if a witness or notary should see that the parties are signing the document, so both parties must provide proof of identity before signing before a notary. A person is a notary if the State has granted them a licence to perform such a role.
The role of the notary is to ensure that there is no fraud during the official signing of the document. Part of the notarial deeds that the notary performs is to prove that the lender and the borrower are before entering into a contract, who they say they are. This is another measure that helps to protect both parties who sign the draft free credit agreement. .