A Promissory Note is a legal contract between a lender and a borrower that defines the terms of a loan, including payment details, interest, late fees, any collateral, and more. This agreement also outlines what will happen if the debt is not repaid.
Easy to build, a Promissory Note is an effective way for any lender to record the terms and conditions of their arrangement with a borrower, whether a family member, friend or total stranger. By accepting this agreement, you and the borrower are more likely to hold the same set of expectations when it comes to repayment of the loan. Different from the other sites you may come across, there's more that Rocket Lawyer offers besides Promissory Note templates. In the event of nonpayment or another problem, your Premium membership offers optional access to Document Defense ® protection.
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