Promissory Note

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What is a Promissory Note?

When you borrow money from a bank they make you sign a promissory note that sets out the terms or the loan, including the initial amount, rate and how long you have to pay it off. This is the same document, but to be used, perhaps, when someone wants to borrow money from you.

Why should I create a Promissory Note?

  • You're loaning money to a friend and want to make it official
  • You want to create an amortization schedule for a loan
  • You're borrowing money but not from a bank or other lending institution

Have the following information ready:

  • Name and addresses of all people named in the Note, including any cosignors
  • The amount of the loan, interest rate and repayment information
  • Any other document related to the loan such as a security agreement
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