docs.templates.promissory-note.name

Date: 19-10-2026

FOR VALUE RECEIVED, I, [Borrower Name] (the "Borrower"), residing at [Borrower Address], hereby promise to pay to the order of [Lender Name] (the "Lender"), residing at [Lender Address], the principal sum of $[Principal Amount in USD], together with interest thereon as provided below.

1. PRINCIPAL AND INTEREST

The principal amount of this Note is $[Amount]. Interest shall accrue on the unpaid principal balance at the rate of [Interest Rate %] percent (%) per annum, computed on the basis of a 365-day year.

2. LOAN DATE AND MATURITY

This Note is dated [Loan Date] and shall mature in full on [Maturity Date] (the "Maturity Date"), at which time the entire unpaid principal balance and all accrued interest shall be due and payable.

3. PAYMENT SCHEDULE

[Payment schedule, e.g. 'Monthly installments of $500.00 due on the 1st day of each month beginning [Date], with a final balloon payment of all remaining principal and interest on the Maturity Date.']

4. PREPAYMENT

The Borrower may prepay this Note in whole or in part at any time without penalty or premium.

5. DEFAULT

If the Borrower fails to make any payment when due, or breaches any other term of this Note, the Lender may declare the entire unpaid principal balance and all accrued interest immediately due and payable. The Lender shall also be entitled to recover all reasonable costs of collection, including attorney's fees.

6. GOVERNING LAW

This Note is governed by the common law of contracts and the laws of the state in which the Lender resides. This Note is not secured unless a separate security agreement is executed.

7. WAIVER

The Borrower waives presentment for payment, protest, notice of protest, and notice of dishonor. No delay or omission by the Lender in exercising any right shall operate as a waiver thereof.

NOTE: This is a template for guidance only. Laws vary by state. Seek legal advice for your specific situation. Usury laws limit maximum interest rates; verify your state's cap. Consider a security agreement for secured loans.