Free Template

Standard Promissory Note

3 signers
1 Lender
2 Borrower
3 CoSigner
Use this template

Simple Promissory Note Template

This agreement sets out the details of a loan made between a borrower and a lender. This legal document holds the borrower to be liable for repaying the debt owed within a specific time.

standard promissory notes

Why You Need a Promissory Note

You would need a promissory note when applying for Student loans, personal loan, car loan or any other kind of bank loan.

Creating a Promise To Pay Agreement in 4 Simple Steps

Make sure both parties sign the agreement, else it won’t be valid. Ideally, the signature should be accompanied by the full names of the parties.
specify date on promissory note

Specify the date

Date should be placed on top of the document and it should serve as the document’s effective date.

promissory note parties involved

Include the parties involved

Next important element on the agreement is the lender’s name along with addresses of both parties.

loan amount on document

Include the loan amount

This is the total amount the borrower will pay back to the lender plus interest. Once you have finalized the note and both parties have agreed with it, the parties can now affix their signatures with the date on the note. Copy the note and provide a copy to both parties. Keep this promissory note on file until the full payment of the debt.

payment schedule on promissory note

Come up with a payment schedule

For instance, you may agree that the first payment would occur 30 dates from the loan date and on regular intervals after that. The parties can also draw their own schedule that suits their situation which may also involve the payment of a lump sum.

FAQ About Our Promissory Note For Payment Template

There should be an unconditional and clear promise to repay a specific amount to a specific person. The maker must duly draw and sign it. It must have an official stamp. It must specify the names of the payor and payee. The payment amount must be in the legal currency of the country.

The elements include, but not limited to – all the terms pertaining to the indebtedness, such as the principal amount, interest rate, maturity date, date and place of issuance, and issuer’s signature.

" Undoubtedly one of the best eSignature application available in the market right now. Would love to recommend Fill. "

Liam Washington

Ready to get started
with this template?

Click the button below to add this template to your account. If you do not have an account, you can sign up for a free trial to start using this template.