Free Promissory Note

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Frequently Asked Questions

What is a lump-sum payment?In a lump-sum payment, the borrower repays the lender with a single one-time payment at the end of the note term.What is a specific payment amount?Under a specified payment plan, the borrower will pay the lender a specific amount of money at regular intervals.

If any outstanding balance remains at the end of the term, it will be paid then.
What is a principal & interest payment?Under a principal + interest payment plan, the borrower will make regular payments that count towards both the principal amount and the interest as it is compounded.

At the end of the term, there will be no outstanding balance. For this reason, you can only choose a principal + interest payment plan when the promissory note has a fixed term length.
What is an interest only payment?Under an interest only payment plan, the borrower will make regular payments that only count towards the accumulated interest. No portion of the payment will go towards the original principal amount.

At the end of the term, the borrower will repay the principal amount along with any unpaid interest.
Your Promissory NoteUpdate Preview

PROMISSORY NOTE

Borrower:

__________ of __________, __________, KY,  (the "Borrower")

Lender:

__________ of __________, __________, KY,  (the "Lender")

Principal Amount:      $_____________

  1. FOR VALUE RECEIVED, The Borrower promises to pay to the Lender at such address as may be provided in writing to the Borrower, the principal sum of _______________________________________ ($_____________) USD, without interest payable on the unpaid principal.
  2. This Note will be repaid in full on July 22nd, 2014.
  3. At any time while not in default under this Note, the Borrower may pay the outstanding balance then owing under this Note to the Lender without further bonus or penalty.
  4. Notwithstanding anything to the contrary in this Note, if the Borrower defaults in the performance of any obligation under this Note, then the Lender may declare the principal amount owing and interest due under this Note at that time to be immediately due and payable.
  5. All costs, expenses and expenditures including, and without limitation, the complete legal costs incurred by the Lender in enforcing this Note as a result of any default by the Borrower, will be added to the principal then outstanding and will immediately be paid by the Borrower.
  6. If any term, covenant, condition or provision of this Note is held by a court of competent jurisdiction to be invalid, void or unenforceable, it is the parties' intent that such provision be reduced in scope by the court only to the extent deemed necessary by that court to render the provision reasonable and enforceable and the remainder of the provisions of this Note will in no way be affected, impaired or invalidated as a result.
  7. This Note will be construed in accordance with and governed by the laws of the Commonwealth of Kentucky.
  8. This Note will enure to the benefit of and be binding upon the respective heirs, executors, administrators, successors and assigns of the Borrower and the Lender.  The Borrower waives presentment for payment, notice of non-payment, protest and notice of protest.

IN WITNESS WHEREOF the Borrower has duly affixed their signatures under seal on this _______ day of  ______________, _______.

SIGNED, SEALED, AND DELIVERED
this _______ day of  ______________, _______.

   


_______________________________
__________

     
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