A sample template to show an individual how to structure the agreement. Simple promissory note template word.
The note is a written statement by the borrower to promise to pay back the funds within a specific time frame and interest rate.
Sample promissory note pdf. A promissory note is a note that makes a declaration or a promise to pay and is used as a legal document to ensure that the buyer promises in writing to pay the amount being loaned. A basic promissory note which allows for the amount owed period of loan and interest rate. As the name promissory note suggests it is a writing that shows a promise to fulfill an obligation.
It can be used by banks individual lenders and companies to evidence. Download these 43 free promissory note samples templates in ms word and pdf format to study and prepare your own promissory note comprehensively. 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 doesnt pay but it doesnt bind.
These are usually unsecured financial instruments. Simple promissory note city state date borrower agrees and promises to pay to lender the sum of dollars for value received with interest at the annual rate of payable after date. Unlike a secured promissory note the lender is taking into account the borrowers credibility without receiving anything in return if they shall default on their payments.
Fillable adobe pdf pdf microsoft word doc rich text format rtf secured. A simple promissory note template word sample is a form of financial agreement between a borrower and lender that offers an assurance from the former that he would repay the sum lent along with agreed interest rate to the lender within a set timeline. There are 2 types of promissory notes secured and unsecured.
Home agreement forms free 7 sample promissory note agreement forms in pdf ms word. Fillable adobe pdf pdf microsoft word doc rich text format rtf sample. An unsecured promissory note is a document that details the borrowing of money from one individual or entity to another without security if the debt is not paid in full.
A promissory note or promise to pay is a note that details money borrowed from a lender and the repayment structurethe document holds the borrower accountable for paying back the money plus interest if any. Not only for personal use but. Lending your money to a friend or family member is a critical decision and always remember to record the transaction in written.
Download free printable promissory note templates that may be written in fillable adobe pdf pdf ms word doc and rich text format rtf. There are several ways to document a loan or debt deal and promissory note pdf is one of them. 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.
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