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Promissory Note (Loan repayable in installments without interest) - maderacountylibrary

Promissory Note (Loan repayable in installments without interest) - maderacountylibrary 2025

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The document is a Promissory Note outlining the terms of a loan repayable in installments without interest. It specifies the borrower's obligation to pay a certain amount to the lender in equal monthly installments, details the consequences of late payments, and includes provisions for attorney fees in case of legal action. The document also includes sections for borrower signatures and notary acknowledgment.

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Click ‘Get Form’ to open it in the editor.
Begin by entering the names of the borrowers in the designated fields. Ensure that both Borrower 1 and Borrower 2 are clearly identified.
Next, input the name of the lender in the appropriate field. This identifies who will receive the payments.
Fill in the loan amount and due date for payment. Specify where payments should be sent by providing a complete address.
Indicate the monthly installment amount and ensure it aligns with your repayment plan. Set a clear due date for these payments.
Review the terms regarding late payments and attorney fees, ensuring you understand your obligations.
Both borrowers must sign and date the document, along with printing their names and providing their locations and addresses.
If required, complete the Certificate of Acknowledgment section for notarization to validate your agreement.

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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.

What is a promissory note to repay a loan?

A form of debt instrument, a promissory note represents a written promise on the part of the issuer to pay back another party. A promissory note will include the agreed-upon terms between the two parties, such as the maturity date, principal, interest, and issuers signature.

Can a promissory note have no interest?

Every promissory note should specify the interest rate charged on the loan, regardless of the relationship between the parties. Interest rates are required because in the eyes of the Internal Revenue Service (the IRS), there is no such thing as a zero-interest loan.

What is the alternative to a promissory note?

A loan agreement serves a similar purpose as a promissory note. Like a promissory note it is a contractual agreement between a lender who agrees to loan money to a borrower. However, a loan agreement is much more detailed than a promissory note.

What is a non-interest bearing promissory note?

A non-interest-bearing promissory note involves either truly having 0% interest or else already including a flat fee or rate within the notes face value. Therefore, the principal amount and maturity amount of the promissory note are the same.

What is an installment promissory note?

Some promissory notes require the payment of the full amount owed, plus interest, on a certain date. If the promissory note requires that periodic payments be made, such as quarterly, monthly, or even weekly, it is called an installment promissory note.

What is the disadvantage of a promissory note?

Some possible disadvantages are: You will likely pay a higher interest rate than for a secured loan. If you are using a promissory note because you dont have a good credit rating, you will likely pay a higher interest rate than if you obtained a commercial business loan from a bank or other institution.

What is it called when a promissory note is paid off?

A promissory note release form is issued by a lender to a borrower after the final payment on the note. This would absolve the borrower from any future obligations. It is usually issued after all the terms of the note are satisfied.