California Promissory Note Loan Agreement Template

Included in the documents are sections that address late fees interest rates details on both parties and other sections involving pertinent information.

California promissory note loan agreement template. Contained within the document is the term length repayment method interest rate information default interest etc. The california promissory note templates can be used to draft secure or non secure promissory notes which are contracts that are entered into by two parties a lender and a borrower. The unsecured promissory note used in california outlines payback for a loan between two. How to write an unsecured california promissory note. Finally names of the lender borrower and a witness must be printed and signed followed by the date at the bottom of the document.

The difference between secure and non secure notes is that secured notes are backed by. In section 8 note the amount of time until acceleration takes place. The california promissory note templates are documents designed to add security and structure to agreements involving the lending of money between two parties. The lender is in a far riskier position throughout the period of the agreement because there is not a guarantee the lender will receive his or her money if the borrower. The parties may stipulate a rate of interest and specify how the loan will be repaid.

If the agreement between the borrower and lender includes a loan of more than 500 or if it will take the borrower more than a year to repay regardless of the amount the contract to repay the promissory note must be in writing according to california civil code 1624 a.