Template Promissory Note

The document holds the borrower accountable for paying back the money plus interest if any.

Template promissory note. There are 2 types of promissory notes. This type of note carries less risk to the lender and usually allows the borrower to pay a lesser interest rate. Download free promissory note templates. How to make a promissory note template.

In this legal document one party promises to pay another involved party specific sum of money on mentioned time date or on demand. These word templates are useful when parties involving in a loan transaction don t know how to document it for later use or reference. For official documents please consult to your attorney as well. The first step is to write the terms and conditions of the lender.

Mention the payee or creditor of the promissory note which is the person who lends the money to the borrower. He is also. A promissory note is different than a loan agreement because it only binds one party the borrower to actions such as payment or consequences such as if the borrower doesn t pay but it doesn t bind the lender to anything. Blank promissory note templates download free printable promissory note templates that may be written in fillable adobe pdf pdf ms word doc and rich text format rtf.

Terms and conditions of the promissory note. Blank promissory note template 12 free word excel pdf format download lending sounds like an excellent deal but there must be rules to govern this activity rules acceptable between you and the borrower. Unsecured promissory note offers no guarantee for the lender to recoup the loaned money. After you have written the terms and conditions it is time to decide the.

A promissory note is a written and enforceable agreement in which a borrower promises to pay a lender a sum of money on demand or within a specified period of time. The note is a written statement by the borrower to promise to pay back the funds within a specific time frame and interest rate. Here is our collection of 17 free promissory note templates that you can use to record a loan transaction officially or unofficially. Mention the payer or debtor to whom the money is given.

Promissory note templates create a high quality document online now. A promissory note or promise to pay is a note that details money borrowed from a lender and the repayment structure. A promissory note also sometimes called an iou is essentially a one sided document by which a borrower of money most often just called the borrower agrees to pay a lender the lender. The note records information about how much was lent the principal amount interest rates when the payment is due maturity date when and where it was issued and signatures.

One can use promissory note template word when giving away money to a family member or any other person for short period of time.