Promissory notes
A borrower's written promise to pay a stated sum, with interest and repayment terms.
A written promise to repay a sum of money.
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Key features
The promise and amount
For value received, the maker promises to pay the holder or their order a sum written in figures and words.
Interest and when it is payable
A rate and how it is calculated, and whether it is due on demand, on a date or by instalments.
Where and how paid
An address or account, a method, and an order in which payments are applied.
Calling in the whole amount
The holder may demand everything after a missed payment not put right after a written request.
More than one maker, security and guarantee
Each maker is responsible for the whole, and blanks for security and a guarantor.
About this document
A promissory note is a written promise by a maker to pay a stated amount to a holder, either on demand, on a date or by instalments. It is the borrower's document and is often signed alongside, or instead of, a longer loan agreement.
This blank form leaves the interest rate, any charges and the dates for the parties to agree. It also covers security, a guarantor, collection costs, transferring the note and the case of more than one maker. Rules on interest and lending differ by state.
Is this document right for you?
Useful when
- You borrow money and want to sign a clear promise
- You lend money and want a simple document to hold
- You want something shorter than a full loan agreement
Commonly used by
- Individuals lending or borrowing
- Small businesses
- Family members arranging a loan
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Alternatives
These are separate documents, for different jobs.
- Personal loan agreementsPut money lent between people on clear terms.View document
- Amortization ScheduleLay out each loan payment split between principal and interest.View document
- Debt Settlement AgreementAgree the terms on which a debt will be settled.View document
- Demand lettersFormally ask for payment or action before going further.View document
When to use this
- A relative lends money for a deposit
- A business borrows from an owner
- A buyer promises to pay the balance on a purchase
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More in Loans & IOUs
- Amortization ScheduleLay out each loan payment split between principal and interest.View document
- Financial Statement (Personal)Summarize your assets, debts and income in one statement.View document
- Personal loan agreementsPut money lent between people on clear terms.View document
- Bill of SaleRecord the sale and transfer of an item from seller to buyer.View document
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Questions
About the promissory notes
Not always. A note is simpler. The loan agreement sets out more terms for both sides, so use it if the arrangement is more involved.
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