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Promissory Loan Agreement Template

Promissory Loan Agreement Template 2026

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The Promissory Loan Agreement outlines the terms under which a Lender agrees to loan a specified amount of money to a Borrower, detailing the loan amount, interest rate, repayment schedule, and conditions for default. It establishes the rights and obligations of both parties, including payment responsibilities and remedies in case of default. The agreement is governed by the laws of a specified state and includes provisions for amendments and severability.

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We have answers to the most popular questions from our customers. If you can't find an answer to your question, please contact us.

How do I write a promissory note for a personal loan?

What to include in a promissory note Amount of money borrowed (principal amount) Amount to be repaid (principal and interest) When and how often payments will be made (payment schedule, or due dates) Interest rate and repayment specifics. Time frame and maturity date (date the loan will be fully repaid)

What is an example of a promissory note?

A comprehensive promissory note typically includes: Names and contact information of the parties involved. Loan amount. Repayment terms. Interest rate (if applicable) Consequences of default (in case payments are missed) Governing law. Signatures of the borrower and lender.

Can I make my own promissory note?

Promissory notes are contracts and contracts dont make dishonest people honest. A DIY contract is likely a mistake. You can buy a promissory note off of a site like LegalZoom or use a local attorney.

How to write a promissory note for a loan?

The promissory note should include the date, loan amount, due date for full repayment, payment schedule, and any agreed-upon late payment fees or interest. Additionally, it should contain complete contact information for both the lender and borrower, along with both signatures.

Which is better, a loan agreement or a promissory note?

Unlike a promissory note, a loan agreement is more detailed. It often includes collateral requirements, co-signers, or other legal clauses to protect the lenders interests. Lenders and borrowers typically use loan agreements for larger, more complex loans when they need clear legal safeguards.

How do I write a simple loan agreement?

What a personal loan agreement should include Legal names and address of both parties. Names and address of the loan cosigner (if applicable). Amount to be borrowed. Date the loan is to be provided. Repayment date. Interest rate to be charged (if applicable). Annual percentage rate (if applicable).

Promissory Loan Agreement Template 2026

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