FREE SAMPLE PROMISSORY NOTE TEMPLATEThe promissory note template below states how the lender is to be paid (in installment payments or in full) and when he/she expects to receive the sum of money (a given date or on demand.) Also known as Note, Notes Payable, IOU, Loan Agreement or Promise to Pay, a PROMISSORY NOTE is a legal contract used as a instrument to record and document the details of a loan and settlement of the debt. 
Information to include on a promissory note:Here's a free promissory note template. Just copy and paste it to your word processor and make the corrections and changes that apply to your particular needs. Amount: $_____________________ Date: _____/_____/_____ FOR VALUE RECEIVED, I _____________________ (borrower's name), resident of _______ _______________________________________ (Borrower's Address) promise to pay to the order of ____________________________________ (Lender’s name) or the HOLDER of this NOTE the sum of $__________________ together with interest thereon at the rate of ______% annually. This Note shall be FULLY paid on _____/_____/_____. -OR- Borrower will make monthly payments on the amount of $___________________ beginning one month from date hereof and thereafter on the same day of each and every subsequent month until the debt is fully paid. If a payment due is not made within _____ days of the time set forth herein, an additional late fee in the amount of $____________, must be paid by the Borrower. Payments due under this Note shall be made at the following address: ___________________________________________________________________________. Maker gives the following property as collateral security for the payment of this note: ___________________________________________________________________________. All payments of this note shall primarily be applied to interest and thereafter to the principal loan amount. This note may be prepaid at any time without notice, in whole or in part, and without incurring any penalty or bonus. Any change of the borrower's name or address must be promptly disclosed to the lender. This note shall, at the option of any holder, be immediately due and payable upon the occurrence of the death, dissolution, insolvency or liquidation of the undersigned, or any endorser, guarantor or surety to this note. Borrower agrees to pay all collection agency costs, court costs, and legal fees, incurred or paid by the Lender in the collection and/or enforcement of this Promissory Note. This note is to be governed by the laws of the State of __________________________. Borrower, intending to be legally bound, has signed this Promissory Note on this ______ day of ________________________ , 20 ____. ___________________________________ ___________________________________ Subscribed and sworn to before me on this _______ day of ________________ , 20_____. ___________________________________ Always make sure you comply with the laws regarding promissory notes in your State. Some states require that a promissory note be notarized, others require that it be witnessed and some do not require witnessing or a notary. The Promissory Note Template below allows all three options. Return from Promissory Note Template to Home page. DISCLAIMER: The law will vary depending on your state, jurisdiction and specifics of your case. The information provided by DebtProblemSolutions.com is intended for educational purposes only. All the content on this site should NOT be considered professional legal advice or a substitute for professional legal advice. For such services, we recommend getting a free initial consultation by a licensed Attorney in your State.  |