Free Promissory Note Template For Personal Loan

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The benefit of a promissory note is that it can be issued by anyone - individuals as well as financial institutions. Download Free Promissory Note Templates: One can use promissory note template word when giving away money to a family member or any other person for short period of time. It is basically a special kind of a document that spells out that a sum of money is owed by a person and that it is to be paid back at a specified date or upon demand..

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The borrower (the person who received a loan) promises to pay back a sum to the lender, outlining when and how they will return the borrowed amount.

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The benefit of a promissory note is that it can be issued by anyone - individuals as well as financial institutions. You can choose to make it either secured, or unsecured: Secured Promissory Note: Use this document if you want the borrower to agree to give up property (like jewelry, cars, businesses, or stocks) if they fail to pay back the loan. When making loans to family and friends, protect yourself with a promissory note..