Promissory Note Checklist and Its Main Contents
When you borrow money from someone, it must be returned after a specific period. You oblige to follow that term because it is already signed as a promissory note. The situation is similar when you lend money to someone. This note avoids unwanted and unexpected events because one party does not fulfill the obligation. To create a proper one, you should utilize a promissory note checklist.
The checklist gives guidelines about the items that you consider to be in this note. Moreover, you can also put some terms including the time and interest. Lending money is a high-risk business. There is a reason why the bank rejects applicants. As a solution, they may look for other sources.
Promissory Note Checklist Template and Samples
You can have a template for the promissory note checklist as a free file. Having a template is not enough if you do not know what the note looks like. The next section shows the samples for real promissory note.
- General promissory note
This note is for general purpose. It uses design and layout similar to the bank and financial institution. However, everyone can utilize this template for several purposes.
- Promissory note draft
The draft contains items and outlines that necessary to be in the promissory note. You can edit based on your situation. Review the draft and evaluate it again before you send it to others.
- Credit promissory note checklist
The next sample is for a credit note. Another source of loan is from a private company or a personal one. You can take this loan with procedures as similar to what a bank does. The note has credit related to the loan itself.
Promissory Note Checklist Categories
Everyone knows the risk when giving or receiving a loan. You can lend money to someone and collateral is necessary for protection. Some notes are just written contracts with terms and no collateral. When the borrower does not or cannot pay it, the lender will make a lawsuit and have the right to seize the assets.
- Secured promissory note
Promissory note checklist for secured one has a collateral section. Borrowers give their property, such as home, land, and apartment before receiving the money. When the time is due and the payment is not completed, the lender will take over the property. Both can negotiate for the new promissory contract. The secured one is the best option if you trust the borrower.
- Unsecured promissory note
The unsecured note seems favorable for small loans. You can get the loan without collateral. Even though the process is simple and easy, the lender will take the extra measure. The note has terms that explain how to handle the situation if the borrower does not pay the debt.
Promissory Note Checklist Contents and Outlines
The content for promissory notes is similar to a business contract. The outline consists of detail, terms, conditions, timeline, interest, collateral, and signature. Some notes are simple since they are only involved, two friends. This is useful when you need a quick loan. On the other hand, you also see the notes with long statements and terms. A lending company has this contract before the borrower’s signature. They read and agree to follow all terms.
Promissory Note Checklist Template Download
If you are in the loan business, the promissory note checklist is a document you must have. The template provides all types of notes you need. The layout is editable, especially for special situations. Moreover, the files use a platform that everyone knows.
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