Free Promissory Note Template
No matter how abundant we are especially in the context of our financial situation, we sometimes run short of our money. This is true especially when we have a lot of bills to pay. If you are a parent who sometimes run short of money and you need to pay the bills of your child’s tuition fee, you sometimes resort on borrowing a money from someone else. Most of the time, most of these people are running short of money themselves and this makes it impossible for you to borrow some money. The best thing you can do is to get a promissory note. If you do not know how to make a promissory note then a free promissory note template is the one for you.
So, what is in the free promissory note template that makes it professional enough so that the school of your child is willing to give your child some passes during exams?
Promissory Note Template
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A promissory note template is your on-the-go template so you can easily do a promissory notice to which you are promising that you will pay your child’s tuition for example in a timely manner. A promissory note need you to fill up these information. First, you need to fill up the city and the state. You need to put this so that the school, for example, will know where to locate you. Another important thing that you ought not to forget is the date. Next, is you have to fill in the borrower’s information – that will be you. Write down your name, date of birth, street address, city, telephone number, driver’s license number and social security number. This will let the school know that you are trustworthy enough to disclose such information.
A lender information should also be filled up in the promissory note template. The template should be able to have the lender information and the borrower information to avoid any problems in the future. Another important part of a promissory note is the part where you have to fill in the details of how much you will borrow and what is the interest rate of it. Both parties should stipulate about the interest rate to avoid conflict in the future. You and the lender should also decide if you want installments. This is the one where you pay the interest monthly so you will not be filled with debt. You and the lender can also decide about loan acceleration where if the borrower cannot pay the amount within the X number of days then the lender can declare that the entire balance of the unpaid principal is due as soon as possible. Lastly, you have to agree on the terms and conditions and the security note of the promissory note before attaching your signatures on it.
File Type: Docx
Size: 38 KB
Page: 2 Page
Download: Promissory Note Template