Loan Note Template

Click the image to zoom in and read specific clauses of the promissory note in more detail.

Loan note template. The free promissory note below is downloadable in microsoft word format. First you need to decide if a secured promissory note is the correct document required for your needs. Additionally to secure the integrity of the loan it is wise to draw up a promissory note. If you want to know more about a promissory note and its template then read this article carefully.

This sample promissory note also available in microsoft word pdf and plain text downloadable files spells out how and when you are to be paid and what happens if the borrower doesnt repay the loan. Serving as legal proof for the loan amount and the repayment contract it is a written promise. The family loan agreement is a document that is made between relation by blood or marriage with one 1 acting as borrower and the other a lender. Some loans may require that the borrower pay a fee in order to prepay the loan.

Scroll to the bottom for a blank repayment schedule that you can fill in. Free promissory note template example pdf word download a blank ms word version of this promissory note or view a completed pdf sample to see what the final draft should look like. Having said that its still a proper legal binding contract and is essential that. In our free promissory note payments shall first pay off any late fees and interest before the principle is credited.

You can select your desired template and go on with your work. Create a free promissory note also known as an iou to document your loan. Prepayment a clause detailing the rules of paying off the loan early whether its the entire loan or individual payments. Use the following table below to see whether or not a secured promissory note is needed for your situation.

In general a secured promissory note is less powerful than a loan agreement and more powerful than an iou. It is designed for an unsecured loan and it requires that you calculate the amortization repayment schedule interest and payment schedule. For instance the loan note template will also include a payment schedule payments accepted due dates along with other detailsonly that these word loan templates are fairly short. Canterburyacuk our website has a wide range of short term loan note templates that can be used extensively for short term loans.

A promissory note is used for straightforward basic loans and to outline payment terms such as due date and interest. The family member that is asking for the money may be required to pay an interest rate defined as a percent compounded annually by the lending party.