An interest free personal loan is a legal undertaking and thus some sort of an agreement is needed to cover the terms and conditions of the loan. It  ... more>>needs to state the personal information of both parties as well as the amount which is going to be lent. Information concerning the repayments must also be listed. How much the repayments will be and how often they will be. Apart from that the contract needs to cover other outcomes such as what happens if the borrower defaults on the loan. Can the borrower repay the loan ahead of time? If so what has to happen for that to be a possibility? Does the lender need to have any security or collateral from the borrower? Can the lender call in the loan at any time and ask the borrower to make good the remainder of the loan? If so, what rights does the borrower have in this situation? It is important that all outcomes are covered in the agreement so as to avoid any problems during the loan if they arent. Then both parties will claim they are right and anything can be asked for or demanded. Ultimately if a person in good faith borrows money they should pay it back.

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