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Promissory Note Template

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Promissory Note

Dated __________. For value received, __________ ("Borrower") promises to pay to __________ ("Lender") the principal sum of$__________ USD, together with interest at an annual rate of____%.

Repayment. The Borrower shall repay the loan as follows: __________ , with all remaining amounts due in full no later than __________.

Late payment. A reasonable late fee may apply to overdue amounts.The Borrower may prepay all or part of the balance at any time without penalty.

Default. If any payment is not made when due and remains unpaid, the Lender may declare the entire unpaid balance immediately due. This Note is governed by the laws of the State of __________ .

Borrower signature / date
Lender signature / date

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    When to use a promissory note

    Use one whenever you lend or borrow money and want it in writing — a personal loan between friends or family, a business loan, seller financing, or a down-payment loan. It protects both sides by recording the amount, interest, and repayment plan, and makes the debt far easier to enforce than a handshake.

    Loan already exists but the borrower needs more time? Use the loan extension agreement to move the due date without rewriting the note.

    What to include

    • Names of the lender and borrower
    • The principal amount and interest rate
    • The repayment schedule and final due date
    • Late-fee and default terms
    • The governing-law state and both signatures

    Frequently asked questions

    What is a promissory note?

    A promissory note is a written promise by one party (the borrower) to repay a specific sum of money to another (the lender), on set terms. It states the amount, interest rate, repayment schedule, and what happens on default — turning an informal loan into an enforceable record.

    Does a promissory note need to be notarized?

    Notarization is generally not required for a promissory note to be valid, but it strengthens enforceability and is a good idea for larger loans. Both parties should sign, and each should keep a copy. Some lenders also add a witness line.

    What interest rate can I charge?

    States set maximum interest (usury) limits, which vary. Keep the rate reasonable and within your state’s legal limit — this template lets you set the rate and names the governing-law state, but check your state’s usury cap for large or high-interest loans.

    Is this promissory note legally binding?

    A signed promissory note that clearly identifies the parties, amount, and repayment terms is generally binding. This is a general template, not legal advice — for large amounts or secured loans, have an attorney review it.