When it comes to borrowing money, there is often a loan agreement involved. A loan agreement is a legal document that outlines the terms and conditions of a loan between a lender and a borrower. It is a formal contract that sets out the expectations of both parties and ensures that both parties understand their rights and responsibilities.

But what is a loan agreement actually called? Well, this can vary depending on the type of loan and the region you are in. Here are some of the common names for loan agreements:

1. Promissory Note: A promissory note is a type of loan agreement that is used for small loans and personal loans. It is a written promise by the borrower to repay the loan, typically with interest, within a specific timeframe. Promissory notes can be secured or unsecured, and can be used for a variety of purposes, including student loans, business loans, and personal loans.

2. Loan Agreement: A loan agreement is a general term used to describe any type of written agreement between a lender and a borrower. It typically contains the terms and conditions of the loan, including the amount of the loan, the interest rate, the repayment schedule, and any fees or penalties.

3. Mortgage: A mortgage is a type of loan agreement that specifically relates to real estate. It is a legal agreement between a lender and a borrower that gives the lender a security interest in the property. The borrower pledges the property as collateral for the loan, and the lender has the right to foreclose on the property if the borrower defaults on the loan.

4. Deed of Trust: A deed of trust is similar to a mortgage, but it is used in some states instead of a mortgage. It is a legal agreement between a lender and a borrower that gives the lender a security interest in the property. The borrower pledges the property as collateral for the loan, and the lender has the right to foreclose on the property if the borrower defaults on the loan.

5. Loan Note: A loan note is a type of loan agreement that is used for larger loans, such as business loans. It is a written promise by the borrower to repay the loan, typically with interest, within a specific timeframe. Loan notes can be secured or unsecured, and are typically used for more complex loan arrangements.

In conclusion, the name of a loan agreement can vary depending on the type of loan and the region you are in. Regardless of the name, it is important to understand the terms and conditions of any loan agreement before signing it. As a borrower, make sure you fully understand your rights and responsibilities under the agreement, and be sure to ask any questions you may have before signing.