Loan Agreement Details

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Important Notice for Borrowers

LoanBack does not make loans to people. LoanBack is a tool to help people formalize personal loans between friends and family members.

If you know someone who might be willing to loan you money, you can create a personalized loan proposal to present to potential lenders.

Loan Summary

Click Calculate to see the payment amount and schedule.

Payment Schedule

Click Calculate to see the payment amount and schedule.

Applicable Federal Rate (AFR) Warning

According to IRS regulations, loans of more than $13,000 in one year must have a minimum interest rate in order to be considered a loan and not a gift. The IRS posts updated AFR rates monthly on their website.

The AFR Annual Rate as of July 2024 is %.

In order to avoid having the IRS consider this loan a gift, you should adjust your interest rate to be equal to or greater than the current AFR.

Average Lending Rates

Selecting an interest rate can be a difficult process. Below are the average rates for other personal loans classified by category. Feel free to use these rates as a general guideline for setting your rate, but make sure your final rate works for both the lender and the borrower.

Loan Type Small Loan Medium Loan Jumbo Loan
Personal (Short Term) 16.33% 20.50% -
Personal (Medium Term) 5.00% 4.79% 4.52%
Personal (Long Term) - - 7.00%
Real Estate (Short Term) 16.33% - -
Real Estate (Medium Term) 5.00% 2.50% 3.30%
Real Estate (Long Term) - - 5.15%
Education (Short Term) - - -
Education (Medium Term) 5.00% - -
Education (Long Term) - - -
Business (Short Term) - - -
Business (Medium Term) - 10.00% 8.22%
Business (Long Term) - - -
Auto (Short Term) - - -
Auto (Medium Term) - 3.83% -
Auto (Long Term) - - -
Debt Consolidation (Short Term) - - -
Debt Consolidation (Medium Term) - 5.00% 5.08%
Debt Consolidation (Long Term) - - -
Discretionary Spending (Short Term) 16.33% 20.50% -
Discretionary Spending (Medium Term) 5.00% 5.70% 6.33%
Discretionary Spending (Long Term) - - 7.36%

View more Key Lending Rates


  • Short term equals 2 years or less
  • Medium term equals 2 - 7 years
  • Long term equals 7+ years

  • Small Loan equals $5,000 or less
  • Medium Loan is $5,001 - $15,000
  • Jumbo Loan is $15k+

Schedule will be regenerated

You are changing loan terms that will affect your current payment schedule. All your previously recorded payments will be deleted and your payment schedule will be regenerated if you continue. Do you still wish to change your loan terms?