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Use a Promissory Note to put your simple loan on paper.
A Promissory Note is an "I owe you".
A Promissory Note shows that someone has borrowed money from someone else and promises to repay it. They are also fairly simple documents that are meant for straightforward loans. We include things like:
- Whether interest is owed
- Any payment dates you want to include
- Whether any security (“collateral”) will be given to secure the loan
Choose the type of Promissory Note that is right for your loan.
We help you out with three kinds of Promissory Notes that you can choose depending on how you want your loan to look.
- Demand Promissory Note: this is the simplest kind of promissory note. It’s a basic “I owe you” that says the borrower promises to pay back the loan when the lender asks for repayment.
- Term Promissory Note: this kind of promissory note includes a schedule of regular payments and an end date (called the “Maturity Date”) by when the loan has to be repaid.
- Grid Promissory Note: this kind of promissory note works much like a simple line of credit. The borrower can draw on the note, payback some of the balance, and borrow again. The borrower promises to repay the debt when the lender asks for complete repayment.
Don't worry, we made it easy.
The most frustrating projects are the ones where you just don’t even know where to start. We get that. When you click on Make My Document, our guide will walk you through how to set up your Promissory Note with helpful tips at each step.
You can also save your document and continue later if you need to think about things. So let’s go through it together, step by step.
Ready to Make Your Promissory Note?
Answer some easy questions to make your document in just minutes. Download it instantly.
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After you’re done, if you need more help Made It Legal is here for you. We’re just a call or click away.