Free Promissory Note Template For Personal Loan

Mention the payee or creditor of the promissory note which is the person who lends the money to the borrower.

Free promissory note template for personal loan. Free or downloadable promissory note templates are customizable to suit any personal agreement. It is one of the safest ways to perform any financial transactions. Along with this a promissory note also clarifies that it is a business investment in the business venture loan and it is not a personal investment loan for the business. Mention the payer or debtor to whom the money is given. Use this document if you want the borrower to agree to give up property like jewelry cars businesses or stocks if they fail to pay back the loan.

For official documents please consult to your attorney as well. Download free promissory note templates. In this legal document one party promises to pay another involved party specific sum of money on mentioned time date or on demand. One can use promissory note template word when giving away money to a family member or any other person for short period of time. Download a free promissory note template below.

This is because it is a legal agreement that offers easy and complete protection for both parties. This type of note carries less risk to the lender and usually allows the borrower to pay a lesser interest rate. In this note a borrower makes a promise to pay the money back to the lender at the pre decided time at the pre agreed interest rate and with the predetermined repayment schedule. A secured promissory note is a document that allows a lender to lend money with the added insurance of having assets property to be handed over to them in the chance the borrower defaults. If you want to make your own promissory note template then make sure to include the following general information in it.

You can choose to make it either secured or unsecured. Promissory notes for personal loans are signed by both the lender and the recipient. There are 2 types of promissory notes secured and unsecured. These word templates are useful when parties involving in a loan transaction don t know how to document it for later use or reference. Free promissory note form.

A promissory note or promise to pay is a note that details money borrowed from a lender and the repayment structure the document holds the borrower accountable for paying back the money plus interest if any. A promissory note outlines the amount provided to the recipient as a personal loan and the terms of repayment. Unsecured promissory note offers no guarantee for the lender to recoup the loaned money. It simply means that both the parties are assured that the money will be paid by the debtor and the money lent by the lender has no claim to the business. Generally the loan is used for personal reasons which is how the loan name is derived.