Prepare A Promissory Note To Clearly Define A Payment Schedule And Avoid Future Disputes
Promissory note forms are prepared to specify the terms used to lend and borrow money between two parties. The borrower signs a contract that makes the borrower liable to the lender for money borrowed.
Promissory notes should always be prepared between a borrower and a lender to avoid future misunderstandings concerning payment schedule, if there is any interest and to clearly state the money is a loan and not a gift.
It does not matter if either party is a friend, relative or co-worker.
Without a promissory note legal form being prepared, there is too much to chance and relationships can be damaged when loaning money with just a verbal agreement or handshake.
For the lender, the borrower may decide to cease payments for some reason and without a promissory note it will be more difficult to legally collect the money owed. For the borrower, the lender may suddenly want to accelerate payments beyond your ability to pay and legally put you in a situation were you cannot repay the loan under court ordered mandated terms.
Ideally, everyone repays their loans on time, unfortunately we all know this is not the case. If you need to collect from someone who has defaulted on their loan payments to you, a promissory note can be a powerful document to have if you need to get a court order to make someone pay their debt. Document the loan with promissory note forms to head off misunderstandings and make it easier for you to be repaid.
Promissory Notes Legal Forms by Find Legal Form
This Promissory Note forms kit allows you to create a comprehensive Promissory Note in minutes detailing the terms and repayment schedule of the loan.
Choose From These Top Rated Promissory Forms
- Demands for Payment
For use when demanding payment on a debt including initial and second requests for overdue payment and final demand for payment. - Guaranty
Designed to be used when entering into a loan or repayment arrangement to provide additional security in the form of a personal obligation. - Notices for Promissory Notes
For use when giving notice that provisions of a promissory note are in default setting forth amount in default and lender’s remedies. - Promissory Note – Agreement to Modify
Modify the terms of an existing promissory note. - Promissory Note – Balloon Payment
Installment promissory note with final balloon payment. - Promissory Note – Installment
This note is used when one person (Lender) lends money to another person (Borrower). It provides for installment payments until it is paid off. - Promissory Note – Line of Credit
Line of Credit between a borrower and lender who extends a line of credit to lender in exchange for monthly payments. - Promissory Note – On Demand
Used when one person (Lender) lends money to another person (Borrower) and allows the Lender to ask for the money back at any time. - Promissory Note – Secured (Installment)
Allows a party to make a loan, to be paid in installments, secured by property. - Promissory Note – Secured (Multiple Options)
Allows a Lender to make a loan, with multiple repayment options, secured by property. - Promissory Note – Secured (On Demand)
Allows to make an on demand loan secured by property. - Promissory Note – Secured (Term)
Note which allows you to make a loan secured by property and which must be repaid by a certain time. - Promissory Note – Term
Promissory Term Note requiring principal and remaining interest to be paid on a certain date. - Promissory Note – with Guarantor
This attorney-prepared form sets forth the borrower’s obligation to repay the debt and can easily be tailored to fit your unique needs. - Release of Promissory Note
Document which releases a party from its obligations under a Promissory Note. - Spanish Promissory Notes
Promissory Note with Installment Payments containing both English and Spanish translations. - Vehicle Bill of Sale and Promissory Note
Used for the sale of a vehicle like a car, van, truck or trailer with installment payments.
