The sample promissory note template is useful for outlining all the terms and conditions of a loan, whether you are the debtor or creditor. In the form, you have the options of outlining the monthly payment, the number of payments, the date of the first payment, the number of payments, and the maturity date, which are all very useful in ensuring you are complete terms with the person you are transacting with.
How to Write
- Step 1: Fill in the lender’s name, the amount the debtor is borrowing, and the interest that will begin to accrue.
- Step 2: Next, as the lender, fill in the monthly payment, the number of payments the debtor will pay, the start of the payments, the total number of payments, and the maturity date.
- Step 3: Towards the bottom of the first page, mark the penalty the debtor will have to pay if he/she has not paid in a certain amount of days.
- Step 4: Finally, have the borrower sign and date at the bottom, and have a witness to the transaction sign and date the form.