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what is a promissory note thats the question Im answering today pretty straightforward a promissory note is a note where someone is promising to pay someone else usually that promissory note is only signed by the person promising to pay so when its in a way its different from a contract its more evidence of a promise to pay so you might be wondering the next question whats the difference between a promissory note and a loan agreement a promissory note often just has a little bit of information saying how much a person owes to whom and what the payment plan is a loan agreement usually has many more terms and a loan agreement is usually signed by both parties whereas a promissory note is usually only signed by the party that owes the money so there you have it a promissory note is simply a note where someone is promising to pay Im Aaron Hall an attorney for business owners and entrepreneurial companies if you have questions about this feel free to leave it in the comments section
