ContractsCounsel Logo
Home Blog Promissory Note Cost

Jump to Section

How Much Does a Promissory Note Cost?

Based on ContractsCounsel’s marketplace data, the average cost of a project involving a promissory note is $630.00 [1].

Average Cost Data from Lawyers on ContractsCounsel

All Promissory Note Agreement Projects:
Drafting a Promissory Note Agreement:
Reviewing a Promissory Note Agreement:

Based on 17 recent projects completed by lawyers on ContractsCounsel.

Last updated: 17 March, 2024

What is a Promisorry Note?

A promissory note is a debt instrument, sometimes called a loan agreement or notes payable. It serves as a written promise by one party to pay back a loan taken from another party.

While most commonly used by financial institutions like banks that regularly lend money, a promissory note can enable anyone to become a lender. This allows companies and individuals to get financing from sources other than banks. The funding source can be an individual or a company willing to provide financing and carry the note.

Promissory notes are often used for the following transactions:

  • Business loans
  • Auto loans
  • Mortgages
  • Personal loans
  • Student loans

Suppose you are considering lending or borrowing money that requires a promissory note. In that case, you should speak with a knowledgeable attorney who has experience with promissory notes. A lawyer can guide you through drafting a legal promissory note and ensuring it contains all necessary information to make it legally enforceable.

See Promissory Note Agreement Pricing by State

Do You Need a Lawyer for a Promissory Note?

While a lawyer isn’t mandatory for drafting a promissory note, it is a good idea to seek legal advice if you plan on lending or borrowing money. Promissory notes can be complicated, and there are many different types of promissory notes, including:

Each type of note serves a different agreement. Some promissory notes are as simple as a one-time payment, sometimes called an IOU. Other promissory notes may be more complicated, like for a mortgage. A lawyer can help you determine which note to use.

Can I Write My Own Promissory Note?

You can write your own promissory note, and it is possible to find templates for promissory notes online. However, if you do draft your own note, it is a good idea to have it reviewed by a lawyer. Whether you are loaning or borrowing money, you want to ensure that you and your finances are protected.

To fully protect yourself, your promissory note needs to include specific information. The following details can be found on most promissory notes:

  • Name of the borrower. Referred to as the “payor,” this is the party who is borrowing the money
  • Name of the lender. The lender or “payee” is providing the loan to the borrower
  • Date. The promissory note should include the date that the promise to repay the loan is effective
  • Amount of the loan. The note must include the total amount of money the payor is borrowing
  • First payment date. The date that the first payment is due on the payment schedule
  • Payment details. Details like the amount of each payment, the due date of each payment, and how the payment is to be made should appear on the promissory note
  • Interest rate. Some loans are subject to interest, so the promissory note must include the interest rate and whether the rate is simple or compounded
  • End date. Depending on the payment schedule, the date the promissory note ends will vary. Some loans like amortized loans require a series of even payments and the loan ends when the final payment is made. Balloon payments have a specific date that the entire balance is full. Whatever the agreed-upon schedule, the promissory note needs to be clearly stated.
  • Signatures of both parties. The payor and payee must sign the promissory note for the document to be legally enforceable.

Read this article for a more in-depth look at promissory notes.

Promissory Note Projects

Promissory Note Drafting

If you need to draft a promissory note, you should hire a knowledgeable lawyer. Borrowing and lending money is a serious commitment, and without proper documentation, you could be putting yourself at financial risk. An attorney familiar with promissory notes will know all applicable laws and how to create a comprehensive document that protects both parties.

Promissory Note Dispute

Unfortunately, disputes over money are far too common. Even when both parties sign a promissory note, issues arise from non-payment, missing scheduled payments, or failure to deliver the funding that was agreed upon.

You will need a lawyer to help enforce the promissory note to ensure that you do not suffer any damages due to the other party’s actions. If a resolution cannot be reached, you may need to file a breach of contract lawsuit and decide the matter in court.

Meet some lawyers on our platform

Bryan B.

262 projects on CC
CC verified
View Profile

Pura R.

55 projects on CC
CC verified
View Profile

Leonid G.

4 projects on CC
CC verified
View Profile

Sara S.

129 projects on CC
CC verified
View Profile

How Much Does it Cost to Draft a Promissory Note?

If you hire a lawyer to draft a promissory note, you will be charged for their time and legal expertise. The amount a lawyer charges will vary based on the area of law, experience, and geographic location.

ContractsCounsel’s marketplace data shows the average promissory note drafting costs are $710.00 across all states and industries.

How Much Does it Cost to Review an Existing Promissory Note?

ContractsCounsel’s marketplace data shows the average promissory note review cost to be $440.00 across all states and industries.

How Do Lawyers Charge for a Promissory Note?

Hourly Rates for Promissory Notes

An hourly rate fee schedule is one of the most common ways a lawyer charges their clients. A lawyer will establish an hourly rate and then bill for each hour working on the case. For example, suppose a client hires a lawyer for a promissory note dispute. In that case, the lawyer will likely charge an hourly rate because there is no telling how long the case may take to resolve.

ContractsCounsel’s marketplace data shows the average hourly rate for a promissory note lawyer ranges from $200 - $350 per hour.

Flat Fee Rates for Promissory Notes

A flat fee rate schedule is often used for specific tasks or projects like drafting a promissory note. When a project has a definite end, like a drafting project, a lawyer can estimate the time the task will take and charge accordingly.

Flat rate fees are usually paid up front. The client benefits by knowing exactly how much the legal service will cost.

ContractsCounsel’s marketplace data shows the average flat fee rate for a promissory note is $630.00.

Get Help with a Promissory Note

Do you need help with a promissory note? If so, post a project in ContractsCounsel’s marketplace to receive flat fee bids from lawyers to handle your project. All lawyers on the ContractsCounsel’s platform are vetted by our team to make sure you are provided with top tier service.


  1. ^ Data based on recent promissory note projects on ContractsCounsel's platform. Updated daily.

ContractsCounsel is not a law firm, and this post should not be considered and does not contain legal advice. To ensure the information and advice in this post are correct, sufficient, and appropriate for your situation, please consult a licensed attorney. Also, using or accessing ContractsCounsel's site does not create an attorney-client relationship between you and ContractsCounsel.

Need help with a Promissory Note Agreement?

Create a free project posting
Clients Rate Lawyers 4.9 Stars
based on 10,987 reviews

Meet some of our Lawyers

Matthew S. on ContractsCounsel
View Matthew
4.9 (11)
Member Since:
August 5, 2020

Matthew S.

Free Consultation
Flemington, NJ
40 Yrs Experience
Licensed in NJ, NY
Benjamin N. Cardozo School of Law (Yeshiva University)

I am a 1984 graduate of the Benjamin N Cardozo School of Law (Yeshiva University) and have been licensed in New Jersey for over 35 years. I have extensive experience in negotiating real estate, business contracts, and loan agreements. Depending on your needs I can work remotely or face-to-face. I offer prompt and courteous service and can tailor a contract and process to meet your needs.

Briana C. on ContractsCounsel
View Briana
5.0 (55)
Member Since:
February 15, 2021

Briana C.

Founder, Branch Legal LLC
Free Consultation
Boston, MA
12 Yrs Experience
Licensed in CA, MA, NY
Columbia University School of Law

Legal services cost too much, and are often of low quality. I have devoted my law practice to providing the best work at the most affordable price—in everything from defending small businesses against patent trolls to advising multinational corporations on regulatory compliance to steering couples through a divorce.

Michael M. on ContractsCounsel
View Michael
4.9 (299)
Member Since:
September 10, 2022

Michael M.

Free Consultation
Los Angeles, CA
37 Yrs Experience
Licensed in CA

www.linkedin/in/michaelbmiller I am an experienced contracts professional having practiced nearly 3 decades in the areas of corporate, mergers and acquisitions, technology, start-up, intellectual property, real estate, employment law as well as informal dispute resolution. I enjoy providing a cost effective, high quality, timely solution with patience and empathy regarding client needs. I graduated from NYU Law School and attended Rutgers College and the London School of Economics as an undergraduate. I have worked at top Wall Street firms, top regional firms and have long term experience in my own practice. I would welcome the opportunity to be of service to you as a trusted fiduciary. In 2022 I was the top ranked attorney on the Contract Counsel site based upon number of clients, quality of work and top reviews.

Rishma E. on ContractsCounsel
View Rishma
5.0 (1)
Member Since:
October 1, 2020

Rishma E.

Free Consultation
Miramar, FL
10 Yrs Experience
Licensed in FL
St. Thomas University School of Law

Rishma D. Eckert, Esq. is a business law attorney who primarily represents domestic and international companies and entrepreneurs. A native of both Belize and Guyana, she remains engaged with the Caribbean community in South Florida: as a Board Member and General Counsel for the Belize American Chamber of Commerce of Florida, and Member of the Guyanese American Chamber of Commerce. She holds a Bachelor of Laws degree (LL.B.) from the University of Guyana in South America, a Master’s degree in International and Comparative Law (LL.M.) from Stetson University College of Law in Gulfport, Florida, and earned a Juris Doctor degree (J.D.) from St. Thomas University School of Law in Miami, Florida. Licensed to practice in the State of Florida and the Federal Court in the Southern District of Florida, Mrs. Eckert focuses her passion and practice on domestic and international corporate structuring and incorporation, corporate governance, contract negotiation and drafting, and trademark and copyright registrations.

Kiel G. on ContractsCounsel
View Kiel
5.0 (1)
Member Since:
October 2, 2020

Kiel G.

Free Consultation
Hollywood, FL
7 Yrs Experience
Licensed in FL
Florida State University

Founder and Managing partner of Emerald Law, PLLC, a business law firm specializing in contract drafting and corporate transactions. Kiel worked as in house counsel for a variety of companies before launching his own firm, and most recently served as the Chief Legal Officer for an international private equity firm.

Jane C. on ContractsCounsel
View Jane
4.9 (84)
Member Since:
October 9, 2020

Jane C.

Free Consultation
New York
19 Yrs Experience
Licensed in CT, DC, NY
Pace University School of Law

Skilled in the details of complex corporate transactions, I have 15 years experience working with entrepreneurs and businesses to plan and grow for the future. Clients trust me because of the practical guided advice I provide. No deal is too small or complex for me to handle.

Mark A. on ContractsCounsel
View Mark
Member Since:
October 2, 2020

Mark A.

Free Consultation
Jacksonville, FL
20 Yrs Experience
Licensed in FL
University of Florida

Mark A. Addington focuses his practice primarily on employment litigation, including contractual disputes, restrictive covenants (such as non-competition, non-solicitation, or confidential information restrictions), defense of wage and hour, harassment, retaliatory discharge, disability, age, religion, race, and sex discrimination.

Find the best lawyer for your project

Browse Lawyers Now

Quick, user friendly and one of the better ways I've come across to get ahold of lawyers willing to take new clients.

View Trustpilot Review

Need help with a Promissory Note Agreement?

Create a free project posting
Clients Rate Lawyers 4.9 Stars
based on 10,987 reviews
See All Business Lawyers

Contracts Counsel was incredibly helpful and easy to use. I submitted a project for a lawyer's help within a day I had received over 6 proposals from qualified lawyers. I submitted a bid that works best for my business and we went forward with the project.

View Trustpilot Review

I never knew how difficult it was to obtain representation or a lawyer, and ContractsCounsel was EXACTLY the type of service I was hoping for when I was in a pinch. Working with their service was efficient, effective and made me feel in control. Thank you so much and should I ever need attorney services down the road, I'll certainly be a repeat customer.

View Trustpilot Review

I got 5 bids within 24h of posting my project. I choose the person who provided the most detailed and relevant intro letter, highlighting their experience relevant to my project. I am very satisfied with the outcome and quality of the two agreements that were produced, they actually far exceed my expectations.

View Trustpilot Review

Need help with a Promissory Note Agreement?

Create a free project posting
Clients Rate Lawyers 4.9 Stars
based on 10,987 reviews

Want to speak to someone?

Get in touch below and we will schedule a time to connect!

Request a call

Find lawyers and attorneys by city