Are you lending the money to someone? But have you checked whether or not your hard earned money is going into the safe hands? Otherwise, your money may get wings. Well, how to safeguard the process? One way is through a promissory note. You may also see Promissory Note Samples.
Promissory Notes are the written agreements in which the borrower or the person who gives surety clearly promises to pay the borrowed money at or within the specified date. A Promissory Note Templates help you frame a Promissory Note in an unambiguous manner. There are many Promissory
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Checklist Items to Consider for Drafting a Promissory Note Template
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Promissory Not Templates Bundle
3 Promissory Not Templates Bundle Download
Inland Promissory Note Template
An Inland Promissory Note is used when the lender and the borrower are the same nationals. You can use our Inland Promissory Note Templates to take a lump-sum amount at the end of the term or for specific regular payment. You can even add your own conditions to the covenant. Our Templates are construed in accordance with the International laws. You may also see Blank Promissory Note Templates.
Foreign Promissory Note Template
On the contrary to the above, a Foreign Promissory Note is for expats. Our Foreign Promissory Note Templates with all the necessary clauses such as repayment, default, late charge, credit bureaus, acceleration etc. They help you legalize the money lending process and prevent the borrower from absconding or sudden disappearance. You can use them for payments of semimonthly or monthly.
Joint Liability and Joint Liability Several Promissory Note Template
Joint Liability Promissory Notes take place between two or among multiple parties. In a way, it allows multiple parties to share the risk of giving surety to the borrower. Our Joint Liability Promissory Note Templates help you demand payment in full and accrued interest at any time.
Post-Dated Promissory Note Template
Though the post-dated promissory notes are having their risks and hazards, it is being widely used by many money lenders. Post-dated Promissory Notes, allow you to prepare a promissory note with a post-date on it. Our Post-dated Promissory Note Templates helps in outfoxing the fraudsters by putting the future date on the promissory note.
Master Promissory Note Template
In countries like U.S., students sign Master Promissory Notes to make loan(s) in order to complete their academic studies. Our Master Promissory Note Templates help you prepare Master Promissory Notes with terms and conditions for your students. Thus they assist the Freshman, Sophomores, and other juniors attending for the grad school.
Demand Promissory Note Template
Demand Promissory Notes favors the payee in a way that he/she can demand the amount whenever they want to collect it. Our Demand Promissory Note Templates doesn’t contain payment terms and conditions along with the due date, as they are the primary variables. However, you can have every feasibility to fill the gaps.
Secured Promissory Note Templates
Secured Promissory Notes backed by property such as land, buildings etc. They are stressful for borrowers, as failing to pay the borrowed money in the given time will result in losing the borrower’s property forever. However, if you are a money-lender who puts the security in the first place, they are for you.
Convertible Promissory Note Template
Companies issue Convertible Promissory Notes to their seed investor(s) as a benefit of security. The conversion mechanism of the Convertible Promissory Notes converts the debt into the equity upon the future events. Our Convertible Promissory Note Templates help you prepare the Convertible Promissory Notes that best compensates the risk of chief stakeholders.
FAFSA Promissory Note Template
The Free Application for Federal Student Aid (known as the FAFSA) is an application form that helps the graduate and undergraduate students of United States of America determine their eligibility for the student aid. Our FAFSA Promissory Note Templates streamline the online process of your FAFSA Promissory Notes in a way around.
Personal Promissory Note Template
Are you a money lender who lends the money on a regular basis? Then our Personal Promissory Note Templates are terrific financial management aids. They are easy to understand and easy to use. We never forget to put things in place. All you need to do is insert the name of the lender on the top of the form and name of the borrower at the bottom.
Commercial Promissory Note Template
Commercial Promissory Note is a standard Promissory Note served for all notary services. Our Commercial Promissory Note Templates are legally bound forms and these can be used to place a lien on a vehicle. If you are a seller financing the sale, you can find many of our Commercial Promissory Note Templates at no cost.
Investments Promissory Note Template
Investments Promissory Notes are the choices of wise realtors in order to avoid the risk of losing all their money. They help you get the investment loan that is required for the business, regardless of its nature. Investment Promissory Notes are also helpful to seek the ownership of the company if you are the key stakeholder.
Real Estate Promissory Note Template
Real Estate Promissory Notes are the Promissory Note secured by the Real Estate. They come to use in case if the borrower defaults. Our Real Estate Promissory Note Templates are designed for the security for the money lenders. You may also see Medical Doctor Note Templates.
> Why Promissory Note?
Money lending is one business which involves a lot of risks (High risk means higher returns :)). However, smart money lenders set forth the rules and Promissory Notes are a part of them. Promissory notes are legal contracts which minimize the risk for Money lenders by acting as surety forms. You may also see Loan Promissory Note Templates.
> How to Create a Promissory Note?
A Promissory Note is intended to enforce the payment on or within the specified date. However, if you want to prepare one on your own, you should make sure that your promissory note speaks volumes about your intentions. To create a Promissory Note, follow the below steps:
- Open a blank document
- Write down the Terms and Conditions along with all the required details
- Cross-check the document upon completion.
> Who Issues a Promissory Note?
Generally, a Promissory Note will be issued by the Maker of that Note i.e. the person or the party who borrows the money. It is only upon the issuance of the IOU (I Owe You) or the Promissory Note by the borrower, the payee lends the money to him/her. Thus a Promissory Note binds both parties. You may also see General Promissory Note Templates.
> Things to Keep in Mind While Preparing a Promissory Note
- Be clear about the Promissory Note you are about to prepare
- Make sure that the promissory note contains the following:
- Terms of Agreement
- The amount of the loan
- Repayment Dates
- Interest Rate
- Default Terms
- Don’t forget to make two copies of the note and keep one with you after sending the another to the opposite party.