Free Promissory Note

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Promissory Note

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Your Promissory Note

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Promissory Note Page of
Page of

PROMISSORY NOTE
(this "Note")


         


         

Borrower:

__________ of ______________________________________ (the "Borrower")

Lender:

__________ of ______________________________________ (the "Lender")

Principal Amount:      £__________ GBP

  1. FOR VALUE RECEIVED, The Borrower promises to pay to the Lender at such address as may be provided in writing to the Borrower, the principal sum of £__________ GBP, without interest payable on the unpaid principal, beginning on 16 December 2018.
  2. This Note will be repaid in full on 16 December 2018.
  3. All costs, expenses and expenditures including, and without limitation, the complete legal costs incurred by the Lender in enforcing this Note as a result of any default by the Borrower, will be added to the principal then outstanding and will immediately be paid by the Borrower.
  4. If any term, covenant, condition or provision of this Note is held by a court of competent jurisdiction to be invalid, void or unenforceable, it is the parties' intent that such provision be reduced in scope by the court only to the extent deemed necessary by that court to render the provision reasonable and enforceable and the remainder of the provisions of this Note will in no way be affected, impaired or invalidated as a result.
  5. This Note will be construed in accordance with and governed by the laws of the Country of England.
  6. This Note will enure to the benefit of and be binding upon the respective heirs, executors, administrators, successors and assigns of the Borrower and the Lender. The Borrower waives presentment for payment, notice of non-payment, protest and notice of protest.

IN WITNESS WHEREOF the parties have duly affixed their signatures under seal on this ________ day of ________________, ________

SIGNED, SEALED AND DELIVERED
before me, this ________ day of ________________, ________

   


_______________________________
__________

     


SIGNED, SEALED AND DELIVERED
before me, this ________ day of ________________, ________

   


_______________________________
__________

     

Promissory Note

Alternate Names:

A Promissory Note is also known as a:

  • Secured Note
  • Loan Agreement
  • IOU
  • Loan Note
  • Demand Note

What is a Promissory Note?

A Promissory Note is a written promise from a borrower to repay a sum of money to a lender according to the terms set out in the agreement.

LawDepot's Promissory Note is available for England, Wales, Northern Ireland, and Scotland.

When should you use a Promissory Note?

A Promissory Note should be used for:

  • Personal loans, such as lending money to friends or family
  • Commercial or bank loans
  • Investments, such as capital for a business venture

What information do you need to create a Promissory Note?

You will require the following information to complete your Promissory Note:

  • Lender and borrower contact information
  • Length of loan or whether it's payable on demand
  • Principal loan amount and interest rate (if being charged)
  • Optional collateral
  • What happens upon default

What are typical terms in a Promissory Note?

Loan Amount: the amount of money that is being borrowed.

Interest: a percentage of the loan that is charged in addition to the principal amount during the term or once a payment has been missed.

Repayment Schedule: the amount and interval of payments the borrower must make to the lender.

Collateral: security that is retained by the lender if the borrower defaults on the loan, such as a motor vehicle.

What happens if the borrower defaults on the loan?

If the borrower is unable to make payments and defaults on the loan, the lender may begin the process of seizing the collateral secured in the Promissory Note. Alternatively, the lender may pursue legal action and go through the courts to seek restitution.

How does one sign a Promissory Note?

Depending on your jurisdiction, you may not need witnesses to sign the Promissory Note. However, having a third party present is better evidence that the Promissory Note was signed by the Borrower if the Lender needs to enforce the borrower's promise to pay.

At the very least, the borrower must sign the Promissory Note, but it may be beneficial to have both parties sign the document.

Forms Related to a Promissory Note:

Frequently Asked Questions:

Promissory Note FAQ
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