FREE WITH TRIAL Promissory Note

Learn more about Promissory Note

You can use a Promissory Note to loan or borrow money, with or without interest. The Note lays out all the terms, rights and obligations of a loan, from the amount of the loan itself to the repayment plan. Your Promissory Note should include information like: the amount and date of the loan; the names of the lender and borrower; the interest rate on the loan and its beginning date; how the loan will be paid (in installments of principal and interest, in installments of interest only, in one lump sum on a specific date, or due on demand); payment information such as number of payments, balloon amount, and frequency of installments; how you'll secure the promissory note; whether the lender can sell or transfer the loan to another party; and more. You may also want to include an amortization schedule to determine the proportion of interest to principal per payment.