Depending on the loan selected, it is necessary to establish a legal contract with the terms of the loan agreement, including: most online services that offer credit usually offer fast cash loans, such as fixed-rate loans, installment loans, line of credit loans and title loans. It is very unlikely that you will get a suitable mortgage for a home or business loan online. If your creditworthiness is less than fair, you may need to apply for a personal loan from a peer lender. Like online lenders, they can be found with an online lender search service. However, they have higher interest rates, as their customers often have below-average credit. Even if the lender wants to separate the loan from a gift, there is a minimum interest rate. This minimum should be calculated to allow the IRS to distinguish between a gift and a loan. Your family member or friend may choose to calculate at least this minimum rate. This usually ensures that the credit is considered credit. Too often, entrepreneurs don`t take the time to know exactly what kind of paperwork needs to be done when borrowing from family or friends.. . . .