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Promissory Note

In a promissory note, a borrower promises to repay the other party in return for receiving money, goods, or services.
When to use a promissory note
  • Checkmark Loan some money to a friend or family member
  • Checkmark Set important loan details in writing
  • Checkmark Get financing for a business project
  • Checkmark Take out a small personal loan

Want additional legal protections?

Avoid any possible misunderstandings by accompanying your loan agreement with these related documents

Review and Update

Loan Agreement

A loan agreement offers the parties additional options for repayment and securing the transaction.

Review and Sign

Sales Contract

If goods or services are being exchanged, a sales contract allows the parties to agree on all details.

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How to create a promissory note in 3 steps

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1
Gather Information

Begin by adding the relevant information for each party, such as name, address, and contact information. Note that the borrower is the party receiving the loan from the lender and making the promise to repay on the promissory note.

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2
Answer Key Questions

Next, you will fill out the details of the transaction. It is important to be as specific as possible in identifying what exactly the borrower is receiving from the lender, such as money, goods, or services. Then provide the details of repayment, including how long the borrower has to repay and the payment frequency. 

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3
Review

After completing your promissory note, be sure to review it thoroughly to ensure that it meets your needs. You may make textual edits if you wish. Though not required in many states, we recommend using a notary to witness the signing of the document as well as include a regular witness. After it is signed, distribute copies to each party for safekeeping.

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Help Guide

Table of contents

Promissory notes are also always used in connection with mortgage agreements and deeds of trust to list the essential terms of the transaction. When complete, the note will clearly set forth all the important terms, including the loan amount, interest rate, due date, and payment structure.

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