Loan Extension Agreement
The loan was real, the deadline turned out not to be. Move the due date — in writing, with the lender's signature — and download a print-ready PDF. Free, no signup.
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Loan Extension Agreement
Dated __________. This agreement is between __________ ("Lender") and __________ ("Borrower").
Original loan. On __________, the Lender loaned the Borrower$__________ USD, due on __________. The outstanding balance as of the date of this agreement is$__________ USD.
Extension. The Lender extends the due date of the loan to__________. The Borrower will repay the outstanding balance as follows: __________ .
Everything else unchanged. All other terms of the original loan or promissory note remain in full force. This extension is not a waiver of the Lender's rights, and does not forgive any part of the debt.
This agreement is governed by the laws of the State of __________ .
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When to use this agreement
When a personal or family loan can't be repaid on time and the lender is willing to wait. Putting the extension in writing protects both sides: the borrower has proof they're not in default, and the lender keeps the debt — and every other term of the original note — fully enforceable.
Documenting a brand-new loan instead? Start with the free promissory note template.
Frequently asked questions
What does a loan extension agreement do?
It amends an existing loan or promissory note to move the due date later, and can set new payment terms for the remaining balance. Everything else in the original loan — the parties, the debt itself, any interest terms you don’t change — stays in force. It documents that the lender agreed to the delay, so the borrower isn’t in default.
Do I need a whole new promissory note instead?
Usually not. If the only things changing are the due date and the payment schedule, an extension agreement that references the original note is simpler and keeps the original paper trail intact. If you are also changing the amount borrowed or the parties, a new note is cleaner.
Does the interest keep accruing during the extension?
Whatever the parties agree. By default the original interest terms continue to apply to the outstanding balance through the new due date — if you want a different rate, or to pause interest, say so explicitly in the new payment terms.
Is a loan extension agreement legally binding?
A signed extension that clearly identifies the original loan, the outstanding balance, and the new terms is generally a binding amendment. This is a general template, not legal advice — for large debts or secured loans, have an attorney review it.