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Promissory Note

Create a promissory note with the loan amount, optional fixed interest, a due date, monthly payments or on-demand repayment, and an optional co-signer.

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What this document does

A borrower's written promise to repay a loan to a lender, stating the principal, any fixed simple interest, whether repayment is a single payment, monthly installments or on demand, prepayment, an optional late charge, default and acceleration, optional collateral, an optional co-signer, and collection costs.

What it covers

  • Promise to Pay
  • Interest
  • Repayment
  • Security
  • Default
  • Additional Terms
  • General Provisions

A template you fill in yourself from your own answers. LeaseCraft is not a law firm and does not give legal advice; for advice about your situation, talk to a lawyer.

How it works

1

Answer the questions

Plain-language questions about the people, dates and terms.

2

Preview it free

Read the document built from your answers and change anything before you download.

3

Download PDF and Word

Included with LeaseCraft Annual ($19.99/year).

Questions about the Promissory Note

A written promise by a borrower to repay money to a lender. It states how much was borrowed, any interest, when and how the money will be repaid, and what happens if payments are missed. The borrower signs it.

Choose a single payment on a due date, equal monthly payments in an amount you enter, or repayment whenever the lender asks in writing. The note does not calculate a payment schedule, so check the amount you enter. If your monthly payments look too small to repay the amount borrowed plus any interest, you are warned before you finish.

Yes. You can set a fixed annual simple interest rate and an optional late charge after a grace period. Both apply only as far as the law allows. Interest-rate limits vary by state and type of loan, so check the limit that applies before choosing a rate.

Yes. You can describe collateral, such as a vehicle, and add a co-signer who is equally responsible for repayment. A separate security agreement may be needed to fully protect the lender's interest in collateral.

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Answer the questions, then preview the finished document before you download it.

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