FREE SAMPLE PROMISSORY NOTE TEMPLATE
The promissory note template below is a legal IOU document detailing the terms of an agreement and promise to pay a sum of money.
This is a type of professionally drafted legal document that states one party acknowledgment about owing the debt and will pay the other party within a specific amount of time.
It contains all the important information needed to convey the agreement between two parties for repayment of a loan or another form of debt.
A promissory note is a binding legal document stating that the borrower acknowledges owing the debt and will pay the lender or holder within a specific amount of time or on demand.
The Promissory Note Template below allows all 3 options.
The promissory note you'll find below can be used as a sample for you to write one that fits your personal needs. Just COPY and PASTE to your word processor. NO NEED TO DOWNLOAD.
DATE, ________________, 20_____ Principal amount: $____________________
FOR VALUE RECEIVED, I__________________________________the undersigned promises to pay___________________________________(the Lender) the sum of $_____________ in consecutive, monthly payments of $___________ commencing on this date of ____/____/________ and thereafter on the same day of each and every subsequent month until fully paid.
In the event the borrower defaults in any payment beyond ______ days from the agreed date of payment, a late penalty charge of __________________ dollars per (month/day) will be assessed until the account is brought current inclusive of the interest, late charges, and applicable fees.
Payments will be applied first to interest and then to principal.
The Borrower must inform the Lender of any change in name or address.
This note may be prepaid by the Borrower at any time in whole or in part without premium or penalty.
Borrower agrees to pay all cost of collection, legal expenses and solicitor fees, incurred or paid by the Lender in the collection and/or enforcement of this Note.
IN WITNESS WHEREOF, I set my hand under seal this ____th day of ______________, 20___ and I acknowledge receipt of a completed copy of this instrument.