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When to use a note payable

  • Checkmark You want to require collateral in exchange for a loan
  • Checkmark You are a lender that wants to loan out money
  • Checkmark You want to define a loan's payment structure
  • Checkmark You need to set the terms of a loan

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How to create a note payable in 3 steps

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Gather Information

As you complete your note payable, you will need to provide certain relevant information. This includes the names and addresses of all borrowers and lenders, transaction details, and repayment terms.

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Answer Key Questions

Use the information you collected to complete the note payable. We make this easy by guiding you each step of the way and helping you to customize your document to match your specific needs. The questions and information we present to you dynamically change depending on your answers and the state selected.

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Always read your document thoroughly to ensure it contains everything you need and is free of errors. In any case, once you finish creating your document, you will be able to alter it as much as you like in Microsoft Word. However, if you do not need to make any changes, you can simply download the PDF version and have the parties sign the agreement.


Help Guide

Table of contents

A note payable is used to quickly document the terms of a transaction, creating a debt obligation on the part of the borrower.

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