Promissory Note
| Principal Amount | Date | ||
|---|---|---|---|
| Borrower | |||
| Lender | |||
| Interest Rate | Maturity Date | ||
| Repayment | |||
| Installment Amount | First Payment Due | ||
| Late Fee | Governing State | ||
Terms
1. Promise to Pay
For value received, the Borrower promises to pay the Lender the principal amount stated above, plus interest on the unpaid balance at the interest rate stated above, until paid in full.
2. Payments
The Borrower will make payments as stated above, to the Lender’s address or by another method the Lender designates in writing. Payments are applied first to accrued interest and late fees, then to principal. Any remaining balance is due on the maturity date.
3. Prepayment
The Borrower may prepay all or part of the balance at any time without penalty.
4. Late Payment
If a payment is not received within the grace period stated above, the Borrower will pay the late fee stated above, to the extent permitted by law.
5. Default
If the Borrower fails to make any payment within 30 days of its due date, the Lender may give written notice and declare the entire unpaid balance and accrued interest immediately due.
6. Collection Costs
If the Lender must take action to collect this note, the Borrower will pay reasonable collection costs, including attorney’s fees, to the extent permitted by law.
7. General
The interest rate will not exceed the maximum rate allowed by law. This note is governed by the laws of the state stated above. If any part of this note is unenforceable, the rest remains in effect. The Lender’s delay in enforcing any right is not a waiver of that right.
The Borrower has read and agrees to the terms of this note.
Borrower
Signature
Printed Name
Date
Co-Signer (if any)
Signature
Printed Name
Date
※ Interest limits (usury laws) and enforcement rules vary by state. This template is provided for general information only and is not legal advice. Laws vary by state; consider having an attorney review it before signing.
