Promissory Note

The borrower

The person or business that is borrowing the money and signs the note.

Is the borrower a business or an individual?

Borrower's full legal name

For a business, use its registered name, including "LLC" or "Inc." if it has one.

Street address

City

State

ZIP code

Email optional

Used for written notices.

Phone optional

The lender

The person or business lending the money. The lender does not sign the note, so no signer details are needed. This note is designed for private loans. A person or business that lends money regularly or as a business may have licensing and disclosure obligations, including notices to co-signers, that this form does not cover.

Lender's full legal name

For a business, use its registered name, including "LLC" or "Inc." if it has one.

Street address

City

State

ZIP code

Email optional

Used for written notices.

Phone optional

The loan

Date of the note

Usually the date the borrower signs the note and receives the money.

How much is being borrowed?

The principal amount the borrower receives, before any interest.

Interest

Will the loan charge interest?

Repayment

How will the loan be repaid?

How may the borrower make payments?

Bank transfer

Check

Payment app

Cash (with a written receipt)

May the borrower pay off the loan early without a penalty?

Yes No

If you answer no, early payment needs the lender's written consent.

Late payment and default

Late charge for a late payment optional

A one-time charge for each late payment. It applies only as far as the law allows. Leave blank for no late charge.

After written notice of a missed payment, how many days does the borrower have to catch up before the loan is in default?

If the borrower defaults, should the borrower pay the lender's reasonable collection costs, including attorneys' fees?

Yes No

Applies only as far as the law allows.

Collateral

Is the loan secured by collateral?

Collateral is property the lender can look to if the loan is not repaid, such as a vehicle or equipment.

Co-signer

Will a co-signer also sign the note?

Yes No

A co-signer is equally responsible for repaying the whole loan.

Final terms

Anything else the borrower is agreeing to? optional

Which state's law should govern this note?

Usually the state where the borrower lives or the loan is made.

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The borrower

The lender

The loan

Interest

Repayment

Late payment and default

Collateral

Co-signer

Final terms

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