Promissory Note Template
A written promise to repay a debt: principal, interest, schedule and default terms.
Use this free promissory note template to create, fill in and sign a promissory note online. Send to the other party for a legally binding signature — tamper-evident audit trail included.
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PROMISSORY NOTE
For value received, [borrower name] ("Borrower") promises to pay [lender name] ("Lender") the principal sum of [principal] on the terms below. Dated [date].
1. Interest
Interest accrues on the unpaid principal at [interest rate] per year, calculated from the date of this Note.
2. Repayment
Borrower will repay the principal and interest in [installments] payments, beginning [first payment date], until paid in full on or before [maturity date].
3. Prepayment
Borrower may prepay all or part of the balance at any time without penalty. Payments apply first to accrued interest, then to principal.
4. Default
If any payment is more than [grace period] days late, the entire unpaid balance becomes due immediately at the option of the Lender.
5. Governing Law
This Note is governed by the laws of [jurisdiction].