Free Promissory Note Template: Loan Amount, Interest, Payments & Default

Date: [Date]

"For value received, the undersigned" [Borrower's Full Name], "residing at" [Address] ("Borrower"), "promises to pay" [Lender's Full Name], "residing at" [Address] ("Lender"), "the principal sum of" $[Amount], "plus interest at the rate of" [Interest Rate]% "per annum".

Repayment Terms

• ☐ Single Payment: "The entire principal and accrued interest shall be paid on or before" [Date].
• ☐ Installments: "The Borrower agrees to pay monthly installments of" $[Amount], "starting" [Date], "and continuing each month until the Note is paid in full."

Late Payments

"If payment is more than" [Number] "days late, a late fee of" $[Amount] "will apply."

Security ("if applicable")

"This Note is" unsecured.

Default

"Upon default, the Lender may demand immediate payment of the full balance due, including any accrued interest and applicable late fees, and recover any collection costs and attorney fees."

Governing Law

"This Promissory Note is governed by the laws of the State of" [State].

Borrower's Signature: ____________________________ "Date": [Date]

"Printed Name": ___________________________________