Template Of A Promissory Note

One can use promissory note template word when giving away money to a family member or any other person for short period of time. Elements of a proper promissory note template if you want to make your own promissory note template then make sure to include the following general information in it. Generally the promissory notes involve the following elements.

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In this legal document one party promises to pay another involved party specific sum of money on mentioned time date or on demand.

Template of a promissory note. Download free promissory note templates. The payer of the promissory note. This is the person or entity who is lending the money to the borrower. Mention the payee or creditor of the promissory note which is the person who lends the money to the borrower.

There are 2 types of promissory notes secured and unsecured. Interest rate must be according to the local laws because higher interest rate may have some criminal consequences. All promissory notes usually include the similar elements and heads in the promissory note template but you should still check your state laws first before making one. Most of the time people ignore it and consider promissory note a casual or private written agreement for borrowing money or anything else.

By using these promissory note templates you are letting each person involved in the transaction know that it is a serious transaction and that payment needs to be paid back at the time specified. The payee of the promissory notes. You shall mention interest rate clearly in promissory note. A promissory note or promise to pay is a note that details money borrowed from a lender and the repayment structure the document holds the borrower accountable for paying back the money plus interest if any.

These promissory note templates are simple to use and have everything in it that you might need to keep up on the transaction. Mention the payer or debtor to whom the money is given.