Master Promissory Note and Things to Know Inside It
The master promissory note is kind of an important document. This document is often used by the borrower when they want to loan some money. By this document, the borrower could get the loan permission and they could show the responsibility when they loan the money.
This document actually tells about the agreement between the lender and the borrower. Inside this document, there are terms and conditions of the loan that the borrower should apply and think. With this kind of document, the loan business could be clear business.
In this occasion, we will talk about the detail of master promissory note in order to help you in making it. For those who are curious with it, please take a sit and read some following writings below.
Kinds of Master Promissory Note
To know more about the details of master promissory note, there are some kinds of the note to know. Knowing the kinds of the promissory note is quite important. By knowing the kinds of it, you will be able to find the most appropriate note based on your need.
The kinds of promissory note to know are:
- Direct loan master promissory note
- FAFSA master promissory note
- Federal Perkins loan promissory note
- And others
Seeing the points as above, there are some kinds of the promissory note that you need to know. You may see the detail of each promissory note and find the most appropriate kind of note.
Things to Write in Making Master Promissory Note
As we have said before, the promissory note is an important document to make in loan process. This kind of document will be the evidence and agreement between the lender and borrower to process the loan.
In order to make good promissory note, there are some matters that you need to include. Some matters to include in this document are:
For the first, in order to make a good promissory note, you need to write the date of it. The date will show the time of loan. Here, please write the date in the top-corner of the document.
- Amount of loan
The second matter to write inside this document is the amount of loan. It is very essential matter to know as the highlight of the loan. In writing about the amount of loan, here you could write it in numbers and words. Make sure that there’s no typo there.
- Terms of loan
As we have said before, the promissory note is telling about the agreement between the lender and the borrower. It means that inside the promissory note, the terms of loan should be written well.
About the terms of loan, there are some matters that you may write, such as the time of payment, the consequences of late payment and others. The more detail of terms of loan will be better here.
- Basic information of agent
The promissory note also should be completed by the basic information of agent. The information of lender and borrower should be written well. Write about the name, address and other details there.
Well, that is all about the promissory note that you need to know. It is good for you to do some researches in order to find the sample of master promissory note.
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