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As a lawyer with a background in contract drafting and litigation, I created this template settlement agreement to help you formalize a resolution to a legal dispute. I also have legal services packages set up if you need additional help with the template (i.e., reviewing it after you filled it out, needing help filling it out, etc.).
Overview of the Template Simple Promissory Note
You can use my template simple promissory note to memorialize a loan agreement, or to borrow money (with or without interest). My simple promissory note lays out all the relevant terms, rights and obligations of the loan, from the amount of the loan itself to the agreed-upon repayment plan.
For context, a proper promissory note should include information such as the amount and date of the loan, the names of the parties (i.e., the lender and borrower), the interest rate on the loan and its beginning date. Your promissory note should also describe how the loan will be paid (e.g., in installments of principal and interest, in installments of interest only, in one lump sum on a specific date, due on demand, etc.).
What is Included in the Template Simple Promissory Note?
My template simple promissory note contains key provisions to help formalize the terms of the loan. For example, my template simple promissory note identifies the value to be received by the borrower and the express promise that the borrower will repay the loan to the lender, along with interest at a specified rate.
My template simple promissory note also contains important language about the payment terms, including the need to repay both the principal and accrued interest. This section also details when loan payments are due and the amount to be paid each month. In addition, there are provisions addressing what steps the lender can take in the event the borrower defaults on the loan and which state law governs the promissory note.
All of the provisions in my template settlement agreement are modifiable so it can be used to accommodate any unique aspects of the loan agreement. I’ve also included recommended language that can be used to fill in specific sections, such as the payment terms.
Who Should Use the Template Simple Promissory Note?
My template simple promissory note was drafted in manner to enable use by any party seeking to formalize a loan agreement, whether that be a lender or borrower.
Benefits of Using the Template Simple Promissory Note
My template simple promissory note was designed for simplicity, clarity, and to be user-friendly. These features can help both the borrower and lender reach an agreement on the parameters of a loan in clear, understandable language.
Having a formalized promissory note is helpful since it memorializes the terms and conditions of the loan agreement and can be used as evidence in the event a legal dispute arises between the borrower and lender.
If there is a legal dispute surrounding the terms of the promissory note, you may need to escalate the matter to litigation. If that situation arises, having an experienced attorney by your side can pay dividends. My legal services are available. If hired, I will be there for you every step of the way, offering clear communication, accurate legal guidance, and proactive solutions.
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What Is a Promissory Note Template?
A promissory note template is a lawyer-drafted document used to formalize a loan agreement between two parties. It outlines the loan amount, repayment terms, interest rate, due dates, and consequences of default. The note acts as written proof of the debt and the borrower’s obligation to repay the lender under the agreed terms.
As a template, it includes blank fields to be filled in with case-specific details before being executed. These fields typically include:
- [Date] of the agreement
- [Lender Name]
- [Dollar Amount] (loan principal)
- [Interest Rate]
- [Due Date] or [Payment Amount], [Frequency], and [Start Date]
- [State] (for governing law)
- Signatures and printed names for both the borrower and lender
What Are the Different Types of Promissory Note Templates?
Depending on the type of loan or asset involved, different promissory note templates are used. The most common categories include:
Real Estate Promissory Note
Used when one party lends money for a real estate purchase or refinance, often alongside a mortgage or deed of trust.
Investment Promissory Note
Used when someone invests in a business or venture and expects repayment with interest.
Commercial Promissory Note
Used by businesses to formalize borrowing from investors, partners, or third parties.
Vehicle Promissory Note
Outlines the repayment terms for a loan used to buy or finance a car or other vehicle.
Personal Loan Promissory Note
Used between individuals—often friends or family—to document personal loans with clear terms.
Secured Promissory Note
Backed by collateral, such as property, vehicles, or equipment. Allows the lender to take possession of the asset if the borrower defaults.
Unsecured Promissory Note
Not backed by collateral—relies solely on the borrower’s promise to repay.
What Are the Important Terms Included in a Promissory Note?
While the structure can vary depending on the type, most promissory notes include the following key provisions:
- Principal Amount – The total amount being loaned.
- Interest Rate – The annual rate applied to the unpaid balance.
- Repayment Terms – Whether the borrower will make one lump-sum payment or multiple installments.
- Due Date or Schedule – The specific date by which the loan must be paid, or a recurring payment schedule.
- Default Clause – Describes the consequences if the borrower fails to pay on time.
- Governing Law – Specifies which state's laws govern the contract.
- Signatures – Signatures and names of both parties to make the note legally enforceable.
How To Fill Out a Promissory Note Template
Here’s a step-by-step guide for completing your promissory note template:
Step 1: Fill in the Date
Enter the [Date] at the top of the document when the agreement is being created.
Step 2: Add Lender and Borrower Names
Replace [Lender Name] with the full legal name of the person or business lending the money. The borrower is the person or entity signing the note and agreeing to repay.
Step 3: Enter the Loan Amount and Interest Rate
Fill in the loan [Dollar Amount] as the principal to be repaid. Specify the [Interest Rate] as an annual percentage (e.g., 5%).
Step 4: Choose and Complete Repayment Terms
Choose one of the following repayment structures:
Lump-Sum Payment
Enter the full [Due Date] when the entire loan must be repaid.
Installment Payments
Fill in the recurring [Dollar Amount] for each payment.
Indicate the [Day] (e.g., 1st, 15th) and [Month/Week] (e.g., monthly, weekly).
Enter the [Start Date] for when payments begin.
Example: "The Borrower shall make payments of $500 on the 15th of each month beginning on July 15, 2025."
Step 5: Specify the Governing Law
Replace [State] with the state whose laws should apply to the contract.
Step 6: Add Signatures
At the bottom of the template, both the
Borrower
and
Lender
should sign.
Type or print their full legal names below each signature.
Final Notes
A promissory note is a legally binding document that protects both the lender and the borrower by clearly outlining repayment terms. Whether you're lending a friend money, financing a vehicle sale, or structuring a commercial investment, a well-drafted promissory note template ensures that expectations are clear and enforceable.
Before finalizing your document, consider having a lawyer review your completed template—especially for larger sums or when collateral is involved. This helps ensure full legal compliance and reduces risk.
See Real Promissory Note Agreement Projects
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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.
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"I had an excellent experience working with Allen to review my promissory note. Allen was professional, thorough, and took the time to clearly explain the terms, risks, and implications in a way that was easy to understand. I appreciated his attention to detail and responsiveness throughout the process. His guidance gave me confidence and peace of mind before moving forward. I would highly recommend his service to anyone needing careful and knowledgeable legal review."
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Set up loan contract / promissory note on a personal loan with equity in property as collateral
Location: New Jersey
Turnaround: A week
Service: Drafting
Doc Type: Promissory Note Agreement
Number of Bids: 3
Bid Range: $700 - $1,800
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