A promissory note template is a commercial instrument that is negotiable, known as an unconditional written promise to pay a specified amount to a specified person on some specified maturity date along with additional amount of interest on a stated interest rate. The main content of a promissory note document will include name of parties to promissory note, amount of obligation, terms of repayment and interest rate. An acceleration clause in this document is optional that will make the entire amount of the note due in case of delay in payment. Here we present a promissory note template with all information in a proper format. You can use this promissory note template if you are going to borrow or lend money for some time. This promissory note template is fully editable.
Importance of Promissory Note
A promissory note template, also known as notes payable, is a legal document which is actually a promise to pay a certain amount of money to an individual or the bearer at a specified date or on demand. It is mostly used to record the financial details of a loan, such as personal loans, business loans and real estate transactions. It actually exhibits a good faith effort on the behalf of the borrower. A promissory note is a legally binding contract and can be enforced by the law. This note prevents misunderstandings between the lender and the borrower. Keeping in view the significance of this note, we have given here a promissory note example with all the necessary details in it. You can use it to create a professional promissory note.
Details of Promissory Note
The best way to use free promissory note template is to view its preview and then look upon your requirements. Once you are clear about your needs and requirements about this template, you can click on download button which is provided underneath of this promissory note template’s image. Once file is downloaded, you can recheck it base on new changes which you are willing to insert. These changes can be vital and make effect on the outlook of this template. Therefore, make sure these changes are inevitable and a “must to do” thing. Once your changes are completed, you can use this template and can click on print button. It is advisable to check print setting before taking print. Here is a preview of this promissory note template. Click on the download button to use this promissory note template totally free.
