In securing personal loans from family members or friends, the loan agreement should be verbal or just consist of a "gentlemen's understanding."

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Having a written loan agreement when borrowing from family or friends is important to clearly document the terms of the loan, including repayment schedule, interest (if any), and what happens if the borrower can't repay. This helps prevent misunderstandings and potential conflicts.

In Securing Personal Loans from Family Members or Friends, the Loan