Blank Promissory Note Template Sample
Promissory note can be defined as a written agreement used to repay a debt. It is enforceable legally. If your client cannot repay the loan after the due, you have to make this kind of note. We will discuss about it further. Anyway, the following blank promissory note may be useful.
Tips in Writing a Blank Promissory Note
We have a promissory note sample that will be a reference for you. It will help you know how to write it. The most important thing in writing a promissory note is that you meet the needed elements. In fact, a promissory note should include some basic elements.
One of them is the amount of loan. It is the amount of money borrowed & owed. Besides that, you also need to include the repayment dates. Repayment dates are the due where the loan has to be repaid. Then, you cannot forget including interest rate. It is usually calculated in annual percentage rate (APR).
The next element to be included is the amount after interest. This is the total amount as the result from principle amount + interest. A promissory note should also include the pledge of collateral hold or security agreement. Here, you must list the services & goods & value as a guarantee of the debt.
You need to include the terms for missed or late payment, too. The next element to be included should be default terms. It is what will happen if the borrower cannot repay on time. Lastly, the promissory note template must be signed off.
Besides knowing the elements to write, you also have to decide whether you want to make a secured promissory note or the unsecured one. A secured one requires the borrower to provide services, property or goods as collateral if the he or she defaults on the debts.
On the other hand, an unsecured one does not require collateral to borrow. However, it requires good to excellent credit. Each of them has its own benefits. So, you have to decide it wisely by considering many factors to make sure that your client will repay the loan.
It is also important to make sure that the note is enforceable. In this case, if the promissory note is not signed off, it will not hold up into the court. So, the body must include legal names, addresses, phone numbers, and signatures of both parties. One more, you must include the purpose, too.
Besides that, you will also need to tell the borrower about the right to transfer clause. In addition, you need to tell the borrower about the right of cancellation, too. One more, it must be clear when the loan will be paid back. It is very important and vital for both parties.
The tips above will be a good reference to write a promissory note. You can also use this blank promissory note and edit with your own purpose. If needed, you may search other samples of promissory note as other references.
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