Both the borrower and the lender sign the agreement when the project is complete. A witness is recommended, but not always a legal necessity. A lender and/or borrower must find out the laws in which you reside to see if a witness or notary should see that the parties are signing the document, so both parties must provide proof of identity before signing before a notary. A person is a notary if the State has granted them a licence to perform such a role. The role of the notary is to ensure that there is no fraud during the official signing of the document. A simple credit agreement indicates the amount borrowed, the interest due and what must happen if the money is not repaid. A person could characterize the credit agreement as a debt or a promise of payment. Another might qualify the document as a loan of need or a fixed-term loan.