Promissory note

A promissory note turns a personal or business loan into an enforceable written promise: who owes whom, how much, at what interest, and when it must be repaid.

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1. Parties

Borrower full name *

Borrower address

Lender full name *

Lender address

2. Loan terms

For value received, the borrower promises to pay the lender the principal sum below, with interest on the unpaid principal at the annual rate stated. State usury laws cap the interest a private lender may charge; check your state’s limit before setting the rate.

Principal amount (USD) *

Annual interest rate (%)

Date of loan

3. Repayment

Check how the loan is to be repaid and complete the matching line.

Single payment, due in full on the date below

Due date for single payment

Installments, per the schedule below

Installment amount (USD)

Frequency and first payment date

Final maturity date

4. Late payment and default

A payment more than the stated number of days late incurs the late fee below. If the borrower fails to cure a default after written notice, the lender may declare the entire unpaid balance immediately due. The borrower may prepay all or part of the balance at any time without penalty. The borrower waives presentment and notice of dishonor.

Grace period (days)

Late fee (USD)

Governing law (state)

5. Signatures

The borrower signs the note; the lender keeps the original until the loan is repaid, then returns it marked paid in full. Sign in ink after printing. Many uses of this document require witnesses or a notary; check the rules that apply in your state before signing.

City and state of signing

Borrower signature

Lender signature (optional)

Notice

This document is a general-purpose template provided for convenience. It is not legal advice, and no attorney-client relationship is created by using it. Execution requirements such as witnesses and notarization vary by state. For significant assets or complex situations, have a lawyer review the final document.

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Promissory note

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