Free Promissory Note

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Create Your Free Promissory Note

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Promissory Note



Your Promissory Note

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(this "Note")




__________ of ______________________________________ (the "Borrower")


__________ of ______________________________________ (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 ‎€_____________, without interest payable on the unpaid principal, beginning on 7 June 2023.
  2. This Note will be repaid in full on 7 June 2023.
  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. The Borrower shall be liable for all costs, expenses and expenditures incurred including, without limitation, the complete legal costs of the Lender incurred by enforcing this Note as a result of any default by the Borrower and such costs will be added to the principal then outstanding and shall be due and payable by the Borrower to the Lender immediately upon demand of the Lender.
  5. 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.
  6. This Note will be construed in accordance with and governed by the laws of Ireland.
  7. 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 parties have duly affixed their signatures under seal

this ________ day of ________________, ________




this ________ day of ________________, ________




Promissory Note Information

A Promissory Note is also known as a/an:

  • Secured Note
  • IOU
  • Loan Note
  • Demand Note

What is a Promissory Note?

A Promissory Note is a written promise from a borrower to repay a sum of money to a lender according to the terms set out in the agreement. 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.

When should you use a Promissory Note?

Use a Promissory Note for:

  • Business loans, such as capital for a startup business
  • Purchases, such as a vehicle, boat, or furniture
  • Real estate loans, such as a down payment on a home
  • Student loans for tuition and other educational expenses
  • Personal lending between friends or family for debts or bills

What information do you need to create a Promissory Note?

To write a Promissory Note, be sure to include the following information:

  • Party details: Identify the lender and borrower. The lender may be a corporation or an individual. You may also include a co-signer who agrees to pay the debt if the borrower defaults on the loan.
  • Loan amount: Specify how much money the lender will loan.
  • Payment plan: Create a repayment schedule, including whether the borrower may repay the loan in a single payment or regular payments, when the final amount is due, and if the borrower can repay the loan early or in lump sums.
  • Interest and late fees: If the lender charges interest, they may specify the percentage of interest and how often it’s compounded (monthly, every six months, or yearly). The lender may also penalize overdue payments by charging late fees or increasing the interest rate.
  • Collateral and insurance: A borrower may use collateral to secure the loan. If the borrower defaults, the lender seizes the collateral. Collateral may be a vehicle, jewelry, or other assets. The lender may also require the borrower to obtain insurance if the loan is for a vehicle.

What happens if the borrower defaults on the loan?

Send a Demand Letter to the borrower to enforce your Promissory Note in the event of a missed payment or loan default.

If the borrower is unable to make payments, the lender may begin the process of seizing the collateral secured in the Promissory Note. Alternatively, the lender may pursue legal action and go through the courts to seek restitution.

How do I sign a Promissory Note?

Depending on your jurisdiction, you may not need witnesses to sign the Promissory Note. However, having a third party present is evidence that the borrower signed the Promissory Note. This evidence is useful if the lender needs to enforce the borrower's promise to pay in court.

At the very least, the borrower must sign the Promissory Note, but it may be beneficial to have both parties sign the document.

Forms Related to a Promissory Note:

  • Loan Agreement: A loan contract that includes clauses about the entire agreement, additional expenses, and the process for amendments.
  • Bill of Sale: A proof of payment receipt that documents the purchase, sale, and transfer of goods from one person to another.

Frequently Asked Questions:

Promissory Note FAQ
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