Loan Promissory Note

Free Templates for Loan Promissory Note in Word, PDF, and Excel

 

Legal documents are needed when you are applying for loans, including loan promissory note. For those who get involved in the money business every day, this type of document must be very familiar. However, just in case the templates of the note are needed, they are all available down below. Read further information about the note as well as the template here.

Loan Promissory Note at Glance

 

It is important to understand everything about loan promissory note before getting the templates. Down below is the detailed information about the loan, including the definition of the note itself a dits common usage, too. You have to read them well so that you know exactly what the note does and when to use it properly. Here is the information.

  1. Definition of the Note

The note can be defined as a legal document stating the agreement between the borrower and the one lending the money. The note is there for a lot of reasons; including making sure that the borrower is paying their debt on time. The note has legal value and thus cannot be taken for granted, for any reason at all.

 

  1. Common Usage

The common usage of the note is to make sure that there is a sort of legal binding between the one getting the money and the one lending the money. When there is something happening in the future preventing the borrower from paying the money back, the note can be used as the legal base to sue or to take the case to court.

 

Student Loan Promissory Note Templates

 

The student loan is given by the government to a student to pay for their education in college. After they graduate from college, they will have to repay the loan gradually. When they ignore the deal and refuse to pay, of course, there will be loan promissory note sent to them. This is the template to create the note addressed to students.

 

Auto Loan Promissory Note Templates

 

Buying a car is not something cheap. That is why a lot of people choose a loan to get a car. In other words, they bring home the car first and then gradually paying off the car in 5 to 10 years of the lease. This is the template for the note when the loan is all about the money to lease a car.

 

Personal Loan Promissory Note Templates

 

When the loan is counted as a personal loan, like there is no involvement or the bank, the note should be more personal, too. This is the template you can use for the loan. Get them for free and you can have your money back soon.

 

A loan is a sensitive matter. Sometimes it can be very personal, too. That is why when someone cannot repay, it is better to use the note as it has legal value. This type of note is usually legally binding and can be issued by an attorney, too. This is why making the loan promissory note is important to be understood, just in case someone borrows your money and never has the intention to return it.

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