Promissory Note Template - Learn How to Fill Out
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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.
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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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Elissa L.
Elissa L.
I am a corporate and healthcare attorney with 20+ years of experience providing contract review, contract drafting, and regulatory compliance support to healthcare organizations, SaaS companies, and small to mid-sized businesses. I currently serve as Managing Attorney at my own firm, advising clients on commercial contracts, healthcare compliance, corporate governance, and risk management. I routinely draft, review, and negotiate MSAs, NDAs, BAAs, provider agreements, SaaS agreements, consulting agreements, independent contractor agreements, and confidentiality agreements. My experience includes serving as sole in-house counsel, supporting executive leadership, and leading HIPAA, FDCPA, CMS, Anti-Kickback Statute, and False Claims Act compliance initiatives. I bring a practical, business-focused approach to legal services with deep experience in healthcare operations, revenue cycle management, privacy, information security, and regulatory strategy. I am licensed in Texas and hold a Juris Doctor (JD), Master of Healthcare Administration (MHA), and a graduate certificate in Health & Hospital Law.
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Jonathan G.
Small Business Attorney licensed in Texas and Colorado. Based in Dallas, appointments available in DFW area.
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September 11, 2023
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Oklahoma Licensed Attorney
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Sarah graduated magna cum laude from the University of Illinois College of Law in 2013. Prior to opening her own practice, Sarah worked in a large law firm defending corporate clients. She then transitioned to a smaller firm where her longing to serve clients in the surrounding community became evident. With her prior experience, Sarah opened her own firm in 2016 and has since served Lemont and the surrounding areas.
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I am a business, transactions, and estate attorney working out of central Texas.
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Sarah F.
Sarah brings together her accounting and legal background to help solve client problems. Sarah couples her broad, general commercial legal background with our client’s international and business problems to arrive at elegant solutions that work for their business.
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Secure Promissory Note for loans provided to Comet Skateboards, Inc
"Great work! (I do not want my review to be public)"
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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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Promissory note
Location: Florida
Turnaround: A week
Service: Drafting
Doc Type: Promissory Note Agreement
Number of Bids: 6
Bid Range: $750 - $1,500
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