23+ FREE Editable Promissory Note Templates in MS WORD

A promissory note, also known as a “promise to pay”, is a note that details money borrowed from a borrower and the reimbursement structures. Whether a person is borrowing money or giving a loan to an individual, a promissory note is a great method to create a record of the transaction and assure that repayment terms are fair. Such a type of note enables you to outline all the terms and conditions of the loan, so make sure that you got it done before the money goes to other hands. Using a promissory note template, one can create this document within no minutes.

Literally, one can use this document if he or she plans to grant money to another person or business as a loan, and prefer to create paperwork for it. If you want to borrow money from a private party or business, and you want to get all the terms and conditions of it in written form. Furthermore, if you have taken a loan that involves interest on each installment or at the time of reimbursement, and you want to create an amortization table for both the involved parties, then you should establish a promissory note. It also helps when you need a written record in order to determine the amount of a monthly loan plan.

Additionally, if you have been asked to create such a note on behalf of a lender and borrower to highlight the terms of the agreement, you can get help from a promissory note template. The document typically consists of the names of the borrower and lender, along with other information like address, contact information, date, social security number, method of payment, signatures of the parties including witnesses, amount, etc. Go ahead and make use of our promissory note templates given below in a great variety.