Promissory Note


Overview
The Promissory Note creates an obligation for the borrower to repay a debt, with interest.
Any time one party lends money to another, the obligation to pay the debt should be put in writing. 
If the obligation is not in writing, it may be difficult to enforce the payment terms, or even the obligation to pay off the debt. 
The most common form of written obligation to pay a debt is a promissory note.

When You Need It
-To document the obligation of a borrower to repay a debt, with interest.

Getting Started

You will need:
-The name and address of the borrower.
-The name and address of the lender.
-The terms of the loan, including the amount, the interest to be charged, the number of payments to be made and how often, and the amount to be paid in each payment.
-The date the first payment is to be made and the date the last payment is to be made.
-The details of any collateral to be pledged in support of the note.

When to Review and Revise 
-To correct the information contained in the Note.
-To document the terms of another transaction. 

-More information is available regarding this document by clicking here.