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Promissory Note Personal Template
Create a clear written personal promise to repay a loan so both borrower and lender understand the amount owed and how it will be repaid.
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Promissory Note Personal Template
This Promissory Note Personal (“Note”) is made as of [Date of Note].
1. Parties
Maker (Borrower):
Full Legal Name: [Maker Full Legal Name]
Address: [Maker Address]
Phone: [Maker Phone Number]
Email: [Maker Email Address]
Payee (Lender):
Full Legal Name: [Payee Full Legal Name]
Address: [Payee Address]
Phone: [Payee Phone Number]
Email: [Payee Email Address]
2. Principal Amount and Promise to Pay
For value received, the Maker promises to pay to the order of the Payee the principal sum of:
Principal Amount: [Principal Amount in figures] ([Principal Amount in words]) (“Principal”).
All payments will be made in lawful money of [Currency].
3. Interest
Select and complete one option:
Interest-Free:
Interest Rate: 0% (no interest will be charged on the unpaid Principal).Interest-Bearing:
Interest Rate: [Interest Rate %] per year
Interest Basis: [Interest Basis, such as simple interest]
Interest will accrue on the unpaid Principal from [Interest Start Date] until the Note is paid in full, unless otherwise agreed in writing.
4. Repayment Terms
Choose one repayment structure and complete the details.
4.1 Installment Payments
The Maker will repay this Note in regular installments as follows:
Number of Payments: [Number of Payments]
Amount of Each Payment: [Amount of Each Payment]
Payment Frequency: [Payment Frequency]
First Payment Due Date: [First Payment Date]
Final Payment Due Date: [Final Payment Date]
On the Final Payment Due Date, any remaining unpaid Principal and accrued interest (if any) will be due in full.
OR
4.2 Single Lump-Sum Payment
The Maker will pay the entire Principal, plus any accrued interest (if applicable), in a single lump sum on or before:
Maturity Date: [Maturity Date]
5. Method and Place of Payment
Payments will be made by [Payment Method] in [Currency] to:
Payee / Account Name: [Payee or Account Name]
Bank / Institution: [Bank or Institution]
Account Number / IBAN: [Account Number or IBAN]
Payment Reference: [Payment Reference]
Unless the Payee provides new written instructions, payments shall be sent to the Payee’s address or account listed above.
6. Prepayment
The Maker may prepay all or any part of the outstanding Principal and accrued interest (if any) at any time without penalty, unless stated otherwise here: [Prepayment Terms].
Any prepayment will first be applied to accrued but unpaid interest (if any) and then to Principal, unless the parties agree in writing to a different order of application.
7. Late Payment and Default
7.1 Late Payment
A payment is considered late if it is not received within [Number of Days] calendar days after its due date.
Late Fee (if any): [Late Fee Amount or Percentage]
7.2 Default
The Maker will be in default under this Note if:
The Maker fails to pay any amount due under this Note within [Number of Days] days after receiving written notice of non-payment from the Payee; or
The Maker otherwise materially breaches this Note and does not correct the breach within [Number of Days] days after written notice from the Payee.
8. Acceleration
If a default occurs and continues past any applicable cure period, the Payee may, subject to applicable law, declare the entire unpaid Principal balance, together with any accrued interest and permitted fees, immediately due and payable by giving written notice to the Maker.
9. Secured or Unsecured Status
This Note is:
Unsecured – no collateral is pledged for this Note.
Secured – this Note is secured by collateral described in a separate written security or pledge agreement between the parties dated [Date of Security Agreement].
If the Note is secured, the parties’ rights in the collateral will be governed by that separate agreement and applicable law.
10. Application of Payments
Unless the parties agree otherwise in writing:
Each payment will be applied first to any accrued but unpaid interest (if applicable) and then to unpaid Principal.
11. Assignment
The Maker may not assign this Note or transfer obligations under it without the Payee’s prior written consent.
The Payee may assign or transfer this Note if allowed by law, by endorsement or separate assignment, and will provide notice of any assignment to the Maker.
12. Notices
Any notices or other communications under this Note must be in writing and sent to the addresses or email addresses for the Maker and Payee listed in Section 1, unless a party provides updated contact details in writing.
Permitted methods for notice include:
Personal delivery
Mail or courier
Email, if both parties use email and agree to receive notices electronically
13. Governing Law
This Note is governed by the laws of [State/Province, Country], unless the parties specify a different governing law here: [Alternative Governing Law].
14. Entire Agreement and No Waiver
This Note represents the entire understanding between the Maker and Payee regarding the debt evidenced by this Note and replaces any prior oral or written understandings about this specific loan.
If the Payee does not enforce any right or provision under this Note at a particular time, that does not waive the right to enforce the same or any other provision later.
Signatures
Maker (Borrower):
Signature: _______________________________
Printed Name: [Maker Full Legal Name]
Date: [Date Signed by Maker]
Payee (Lender):
Signature: _______________________________
Printed Name: [Payee Full Legal Name]
Date: [Date Signed by Payee]
Witnesses (If Used)
Witness 1:
Signature: _______________________________
Printed Name: [Witness 1 Full Name]
Address: [Witness 1 Address]
Date: [Date Signed by Witness 1]
Witness 2 (if required):
Signature: _______________________________
Printed Name: [Witness 2 Full Name]
Address: [Witness 2 Address]
Date: [Date Signed by Witness 2]
Notary Acknowledgment (If Required)
State/Province of [State/Province]
County of [County]
On [Notarization Date], before me, [Notary Full Name], a Notary Public, personally appeared [Maker Full Legal Name] and [Payee Full Legal Name], who proved their identities on the basis of satisfactory evidence and acknowledged that they executed this Promissory Note Personal for the purposes stated in it.
Notary Public Signature: _______________________________
Notary Public Printed Name: [Notary Full Name]
My Commission Expires: [Commission Expiration Date]
Notary Seal: ☐
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Learn more about
Promissory Note Personal Template
Click below for detailed info on the template.
For quick answers, scroll below to see the FAQ.
Click below for detailed info on the template.
For quick answers, scroll below to see the FAQ.
PROMISSORY NOTE PERSONAL TEMPLATE FAQ
What is a personal promissory note?
A personal promissory note is a written promise from one individual to another to repay a specific sum of money on agreed terms. It records the loan amount, any interest, when and how payments will be made, and what happens if the borrower does not pay on time.
When should I use this Promissory Note Personal template?
Use this template whenever one person is lending money to another (for example, friends, family, or private individuals) and you want the repayment terms in a simple, organized written document instead of relying on a verbal promise.
Does a personal promissory note have to include interest?
No. You can choose to make the note interest-free or interest-bearing. If you charge interest, you should clearly state the interest rate and how it is calculated, and make sure it complies with local usury and tax rules.
Is this promissory note secured by collateral?
This template assumes the note is generally unsecured, but it allows you to indicate whether the note is unsecured or secured by a separate agreement. If you want collateral, you would normally use a separate security or pledge agreement that describes the property being pledged.
Is this Promissory Note Personal legally binding?
A properly completed and signed promissory note can be legally binding if it meets contract requirements under local law. This template is a general starting point; for larger or complex loans, the parties may wish to obtain legal advice.
Can AI Lawyer help me customize this Promissory Note Personal?
Yes. AI Lawyer can help you adapt this Promissory Note Personal template with your names, amounts, dates, interest, and repayment terms so you have a clean, well-structured note ready for signature.
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