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The personal loan agreement is an unsecured contract that allows one party to borrow money, the borrower, from someone else, the lender, in exchange for the lender to be paid more money in return of payment. A loan ca be constructed in a number of ways, but the most common is for the borrower to pay back a portion on a timely basis until the lender it is fully reimbursed.
During the course of the payments, the lender collects an interest on the balance not paid yet. The longer the loan has not been paid back, the more money the lender will receive cumulatively throughout the term of the loan.