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PROMISSORY NOTE(this "Note")
Borrower:
__________ of ______________________________________ (the "Borrower")
Lender:
__________ of ______________________________________ (the "Lender")
Principal Amount: $_____________ USD
IN WITNESS WHEREOF the parties have duly affixed their signatures under seal
SIGNED, SEALED, AND DELIVERED this ________ day of ________________, ________.
_________________________________________
A Promissory Note is also known as:
A Promissory Note documents the legally binding promise that a borrower makes to pay back a loan under certain terms and conditions. However, unlike an IOU that simply acknowledges a debt amount, a Promissory Note goes into detail about the consequences of failing to repay a loan. For instance, this form typically includes details of the original loan amount, any applicable interest rates or late fees, a repayment plan, and collateral security.
Customize LawDepot's Promissory Note template to suit a variety of purposes, including:
The information you'll need to write a Promissory Note includes:
People typically use Promissory Notes for loans that come from non-traditional money lenders like individuals or companies instead of banks or credit unions. These short- or long-term loans often help people achieve various personal and business goals.
A Loan Agreement is more comprehensive than a Promissory Note and includes clauses about the entire agreement, additional expenses, and the process for amendments (i.e., how to change the terms of the agreement). Use a Loan Agreement for loans of a large amount or that come from multiple lenders.
Sample
Promissory Note
Create Your Promissory Note
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