A Promissory Note form is a legal document which states that one person agrees to pay money to another person over some period of time. Promissory Note forms are often used when one person loans money to a second person, and wants a written document the states the repayment terms. Both parties must sign the Promissory Note to make the agreement official. The Promissory Note serves as a written document of the Loan Agreement and should include such details of the Loan Agreement including how much was loaned, the interest rate (if there is interest on the loan), the rate of repayment or amount of repayment in each repayment period, how often the repayments have to be made, and when the balance of the loan must be paid in full. You can get a Promissory Note that also comes with a security form that gives the Loaner some sort of collateral if the Borrower cannot make the payments. Whenever a personal loan is made, a Promissory Note can help avoid any miss-communication between parties.
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