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ApplyThis Family Member Promissory Note (the “Note”) is made on [Date].
1.1 Lender: [Lender Full Name], address: [Address].
1.2 Borrower: [Borrower Full Name], address: [Address].
1.3 Relationship (Optional): [e.g., parent/child/sibling/cousin].
2.1 Principal. Borrower promises to pay Lender the principal sum of $[Amount].
3.1 Interest Rate (Select One): ☐ No interest ☐ Interest at [__]% per year.
3.2 Interest accrues on the unpaid principal balance (if applicable).
4.1 Payment Type (Select One):
☐ Lump sum payment on [Due Date]
☐ Installments of $[Amount] per ☐ week ☐ month, starting [Start Date], due on the [__] day of each period
☐ Other schedule: [Describe]
4.2 Final Due Date. Any remaining balance is due on [Final Due Date].
5.1 Payments will be made by: ☐ Bank transfer ☐ Cash ☐ Check ☐ Other: [Method].
5.2 Payments will be delivered to: [Payment details].
6.1 Borrower may prepay at any time ☐ without penalty ☐ with penalty: [Terms].
7.1 Payment is late after [**] days.
7.2 Late fee: $[**] or [__]% (if permitted).
8.1 Default includes failure to pay or material breach.
8.2 Upon default, Lender may request immediate payment of the remaining balance, subject to applicable law and reasonable family communication.
9.1 Any loan forgiveness must be in writing and signed by the Lender. Partial forgiveness terms (if any): [Details].
10.1 This Note is governed by the laws of [State/Country].
Lender: [Full Name]
Date: [Date]
Signature: ___________________________
Borrower: [Full Name]
Date: [Date]
Signature: ___________________________
Witness Name: [Name]
Date: [Date]
Signature: ___________________________
State of [State]
County of [County]
On [Date], before me, [Notary Name], personally appeared [Lender Name] and [Borrower Name], known to me (or satisfactorily proven) to be the persons whose names are subscribed to this Note, and acknowledged that they executed it for the purposes stated.
Notary Public Signature: _______________________
My Commission Expires: _______________________
Notary Seal (if applicable): ___________________
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For quick answers, scroll below to see the FAQ.
Frequently asked
A Family Member Promissory Note is a written promise to repay money borrowed from a relative. It helps prevent misunderstandings by putting the loan amount, repayment plan, and expectations in writing — even when the loan is informal.
It depends on your goals and local rules. Some families choose “no interest,” while others use a small interest rate. In some countries, tax rules may treat very low or no-interest loans differently. If you’re unsure, consider asking a tax professional.
Include: the amount borrowed, the date of the loan, repayment schedule, interest (if any), late fees (optional), and what happens if payments are missed. This template also includes an optional “forgiveness” clause you can use if the lender might forgive part of the loan in the future.
It can actually help protect relationships by setting expectations and reducing stress. The key is to keep the note simple, clear, and respectful — this template is written in plain language.
Not always. For larger amounts, notarization can help prove authenticity and prevent disputes. This template includes optional witness and notary sections.
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