Promissory Note Template - Learn How to Fill Out
Jump to Section
Quick Facts — Promissory Note Template Lawyers
- Avg cost to draft a Promissory Note Agreement: $710.00
- Avg cost to review a Promissory Note Agreement: $390.00
- Lawyers available: 182 financial lawyers
- Clients helped: 273 recent promissory note template projects
- Avg lawyer rating: 4.98 (29 reviews)
Find Promissory Note Agreement Templates by Type
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.
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
Texas Draft Promissory Note Template and provide consultation and review Drafting
- Texas
- 6 lawyer bids
- $440 - $1,750
New Jersey Draft Promissory Note for a loan Drafting
- New Jersey
- 8 lawyer bids
- $250 - $1,200
See all Promissory Note Agreement projects
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 Template?
Meet some of our Promissory Note Template Lawyers
Bobby H.
Bobby E. Hill, Jr. is a native of Tuscaloosa, Alabama and holds undergraduate degrees in music and business administration from Xavier University of Louisiana. He received his Juris Doctor from the University of Miami School of Law where he was a staff and articles editor for the school’s Race & Social Justice Law Review and a student attorney in the institution’s Immigration Clinic. In addition to freelancing, Bobby is currently a litigation associate at Johnson & Freeman, LLC, a boutique litigation firm in Atlanta, Georgia, where he practices in the firm's Condemnation, Probate, Real Estate Litigation, Real Estate Transactions, E-Discovery and Business and General Civil Litigation Practice areas. In this role, Bobby has acquired appreciable experience in drafting memoranda of law for partners and senior counsel, and all litigation related pleadings including pleadings related to dispositive motions, discovery, appeals, and other post-judgment relief.
"Helpful. Professional. Gave us peace of mind on a business partnership agreement."
Nichelle W.
Nichelle W.
I help business owners, founders, employers, athletes, creators and families get contracts and legal documents done right the first time, at a flat fee agreed before any work starts. I am licensed in Florida (2021) and Washington, D.C. (2022). I practice as a business and contracts attorney and outside general counsel with Amethyst Law Group, and previously served as Florida Managing Attorney at Lento Law Group. Before that I sat on the business side of the table as General Manager and General Counsel of a professional basketball organization and as Deputy Commissioner of a start-up sports league, so I have negotiated, drafted and enforced the same agreements I now prepare and review for clients: sponsorship and vendor deals, player, coaching and staff contracts, employment and independent contractor agreements, licensing and brand deals. What I handle on ContractsCounsel: - Contract drafting, review and redlining: service agreements, MSAs, NDAs, vendor and supplier agreements, sponsorship, licensing, endorsement and brand deals - Business formation and governance: LLCs and corporations, operating agreements, bylaws, partnership and shareholder agreements, founder and equity arrangements - Employment and hiring: offer letters, employment agreements, independent contractor agreements, non-compete and confidentiality agreements, separation and severance agreements, handbooks and policies - Sports, entertainment and creator agreements: athlete representation, NIL, sponsorship, appearance, management and agency agreements (licensed FIBA agent) - Real estate: purchase and sale agreements, residential and commercial leases, contract review before you sign - Wills, trusts, powers of attorney and estate planning documents - Demand letters, cease and desist letters and pre-dispute contract enforcement - Ongoing outside general counsel support for small and growing businesses How I work: Every project starts with a fixed price and a delivery date you can plan around. You receive a plain-English summary of what the document does, what I changed and why, and any risks you should know about, not just a marked-up file. Two rounds of revisions are included so the final draft is exactly what you need, and I respond to messages the same business day. Credentials: J.D., Nova Southeastern University Shepard Broad College of Law, summa cum laude, top 5% of class, Senior Editor of the Southern Journal of Policy and Justice, Dean's Certificate of Professionalism, 300+ pro bono hours; M.S. Forensic Psychology (4.0 GPA); M.S.Ed. Sports Administration, University of Miami; B.A. English Language and Literature, Southern New Hampshire University. Recognized as an Elite Lawyer recipient. Malpractice insurance carried. Litigation background: first-chair trial attorney with experience in business, employment, real estate, consumer protection and family matters. I draft every contract with a clear view of how it will hold up if it is ever tested.
Jonathan G.
Small Business Attorney licensed in Texas and Colorado. Based in Dallas, appointments available in DFW area.
"I've enjoyed working with Jonathan and will continue to work with him after this initial step is complete"
Namrita N.
Retired Dentist transitioned to Law, with a special interest in Commercial Real Estate, Startup businesses, Asset Purchase Agreements, and Employment Contracts. I love to help dentists and physicians with legal issues pertaining to licensing, credentialing, employment, and general business-legal questions.
"Dr Notani is a top lawyer. We very much appreciate her attentiveness and expertise."
Ramanathan C.
Triple Qualified New York Attorney, Australian Lawyer & Enrolled NZ Barrister & Solicitor
"Rama was timely and responsive to all my needs & questions. From day one, he presented a tailored proposal for my project that felt personalized and thoughtful. He is pleasant to work with and professional with his legal advice. I'd be happy to work with him again."
October 29, 2021
Yoann E. A. L.
For over 15 years, I accumulated both hands-on technical and business experience as an IT engineer and entrepreneur, enabling me to understand your challenges probably better than anyone else on the legal market! My California-based full-online practice focuses on: - Intellectual Property (Copyright / Trademarks) - Privacy / Data Protection - Commercial matters (e.g. service contracts) - Corporate (e.g. incorporation, restructuring)
October 31, 2021
Melanie C.
Melanie Cunningham specializes in helping entrepreneurs remain creative and expansive by establishing the foundation of their business and protecting and maximizing their intellectual property. It’s her belief that entrepreneurs and micro and small business owners play a critical role in our communities, which propelled Melanie to return to private practice after more than a decade working for global financial institutions. Melanie’s practice is dedicated to delivering excellent legal support and protection to this vital, but an often underserved, community. Melanie credits her business training and the skills developed as a senior compliance officer with enabling her to help small business owners have a legally compliant business, while proactively advising clients during the growth process. She’s helped diverse entrepreneurs do business in a way that focuses more on collaboration than competition. Melanie has counseled small business owners in determining what is protection worthy (helping them obtain trademarks and copyrights) and making contact on their behalf in the case of infringement.
Find the best lawyer for your project
Browse Lawyers NowLawyer Reviews for Promissory Note Template Projects
Create Promissory Note
"Thank you for the prompt responses and timely completion of the project"
Review Promissory Note - RE rezoning project
"Clear communication. Delivered before time."
Review Promissory Note
"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."
Help Reviewing Promissory Note for Loan
"helpful in reviewing document"
IRS Compliance Review of Promissory Note and loan agreement
"Josh is very knowledgable and was extremely helpful. He responds promptly and is easy to talk to. I have had other encounters with lawyers in the past and this was by far the most refreshing encounter in terms of experience and outcome."
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 ReviewFinancial lawyers by top cities
- Austin Financial Lawyers
- Boston Financial Lawyers
- Chicago Financial Lawyers
- Dallas Financial Lawyers
- Denver Financial Lawyers
- Houston Financial Lawyers
- Los Angeles Financial Lawyers
- New York Financial Lawyers
- Phoenix Financial Lawyers
- San Diego Financial Lawyers
- Tampa Financial Lawyers
Promissory Note Template lawyers by city
- Austin Promissory Note Template Lawyers
- Boston Promissory Note Template Lawyers
- Chicago Promissory Note Template Lawyers
- Dallas Promissory Note Template Lawyers
- Denver Promissory Note Template Lawyers
- Houston Promissory Note Template Lawyers
- Los Angeles Promissory Note Template Lawyers
- New York Promissory Note Template Lawyers
- Phoenix Promissory Note Template Lawyers
- San Diego Promissory Note Template Lawyers
- Tampa Promissory Note Template Lawyers
ContractsCounsel User
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
User Feedback:
ContractsCounsel User