A promissory note is an agreement between two people or businesses. This note agrees that a person will pack back money they were loaned. It is a legal contract between the person borrowing the money and the bank or individual they are getting the money from.
Using a promissory note is easy with the promissory note template. This template is free to use and can be downloaded off the internet. It is compatible with Microsoft Word. Once the template is downloaded it can be customized to meet the terms of the agreement. The name, date, and amount can be written or typed in.
The promissory note template has spaces for all the information needed. There is information about the borrower including their address, date of birth, social security number, and other information needed to verify their identity. There is also a section to fill in information about the lender. This includes their contact information and where to send the payments.
There is information about the loan such as the amount, the interest rate, how long the borrower has to pay the loan back, and an area for a new balance as they make payments on this loan. The promissory note also has a second page stating that this is a legal agreement between the borrower and the lender. The money must be paid back in the specific amount of time stated. There are also lines for signatures to show that everyone agrees to these terms. The borrower has to sign as well as the lender. There are also spaces for witnesses to this agreement to sign. This template has everything a person or company needs to make a legal promissory note.