Now let`s move on to the components of such a document so that you know what you need to write when you design one. A credit agreement is more comprehensive than a debt instrument and contains clauses about the entire agreement, additional expenses and the modification process (i.e.: How to change the terms of the agreement). Use a credit agreement for high-rise loans or loans from multiple lenders. Use a debt account for loans that come from non-traditional lenders such as individuals or businesses instead of banks or credit unions. A payment agreement template is an important document that defines all the terms of a loan. .