Owed money and want it in writing that you'll be paid over time — or setting up a plan to pay something off yourself? A payment plan (also called an installment payment agreement, a payment agreement, or a payment plan contract) is the document that puts a debt on a schedule: the person who owes (the debtor) promises to pay the person owed (the creditor) a set amount in regular installments. It's what people and businesses search for by name to settle an overdue balance over time, to finance a purchase in installments, or to paper a personal loan between individuals. PaperKit builds the right one: pick the type — a DEBT-SETTLEMENT plan to clear an outstanding balance, an INSTALLMENT PURCHASE agreement (with title passing on the final payment), or a PERSONAL-LOAN repayment agreement. Then set the schedule and it does the math for you: enter the total owed, any down payment (it computes the financed balance), the installment amount, how many payments, and how often — WEEKLY, EVERY TWO WEEKS, or MONTHLY — and it lays out the payment stream, estimates the payoff horizon, and adds a final balloon payment if the installments don't land exactly. Every clause a payment plan expects is laid out and toggleable: keep it INTEREST-FREE (0% APR) or add a simple-interest recital at a rate you set, a late-fee clause, an acceleration clause (the whole balance comes due on default), and a no-prepayment-penalty clause — plus governing law, a first-payment date, and any extra terms. It's self-drafted: the debtor reviews and e-signs online, the creditor acknowledges on the signature line, and you download the clean PDF. (Interest / usury caps, consumer-credit disclosure rules, and debt-collection law vary by state and, for interest-bearing or business-to-consumer plans, federal Truth-in-Lending rules may apply. Confirm your state's rules before relying on this form.)
The big lever — it decides how the agreement reads and what the money is for.
A plan to pay off an outstanding or overdue balance over time — the classic 'pay me back on a schedule' agreement.
Drives the schedule wording and the estimated payoff horizon.
Installments due every month.
It computes the financed balance (total − down) and lays out the payment stream. If the installments don't land exactly, it adds a final balloon payment.
The party who owes and promises to pay. You draft and e-sign; the creditor acknowledges on the signature line.
The person or business owed the money. They acknowledge on the signature line.
Turn off anything that doesn't apply.
A real, section-by-section installment payment agreement. The type reshapes the recital; the schedule math is computed for you. Publish to get a hosted link the debtor can e-sign online.
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A payment plan / installment payment agreement is a template for convenience, not legal advice. It records a debtor's promise to pay a creditor a stated amount in scheduled installments. Interest / usury caps, consumer-credit disclosure rules, and debt-collection law vary by state, and for interest-bearing or business-to-consumer plans federal Truth-in-Lending rules may apply. PaperKit is not a law firm and records electronic execution via the signer's typed name; confirm your state's requirements before relying on this form.