Contractspdf

Promissory Note

Federal & State Law Editorial TeamLast reviewed: April 2026

Legal document in which one party promises to pay a specific amount to another party by a set date or on demand. Covers interest rate, payment schedule, and default terms.

PDF TemplateUse the instructions below to complete this form

Instructions

Borrower and Lender: Enter full legal names and addresses

Principal Amount: Specify the amount being borrowed

Interest Rate: Set the annual interest rate (check your state's usury laws for maximum limits)

Payment Schedule: Define monthly payments, lump sum, or other arrangements

Maturity Date: Set the date by which the full balance must be paid

Collateral: If secured, describe the collateral; if unsecured, note that

Default: Define what constitutes default and the consequences (acceleration, penalties)

Prepayment: State whether early payment is allowed without penalty

Note: Some states require specific disclosures for consumer loans. Check your state's lending laws.

This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.