A promissory note records a loan between two parties (it can be one or more companies or individuals). The promissory note sets out when the loan will be repaid, either in full or in instalments. It outlines the specific terms regarding the repayment, including the parties involved, the date of repayment and whether interest applies.
If you are lending or borrowing money use this promissory note template to create an unconditional promise to have all debts repaid. Creating a legally binding promissory note means you can feel protected and assured as you have recorded the transaction and set out repayment terms.
This promissory note will help you outline all the specific terms regarding the repayment, from the parties involved, to the date of repayment and even whether interest is payable.