Contract templates · Loans & Payments
A promissory note is the simplest written record of a debt. It is often all a small personal or business loan needs.
A promissory note is a signed written promise by a borrower to pay a lender a set amount, with or without interest, on demand or by a schedule, including late fees and what happens on default.
When you need one
- Simple personal or business loans
Key clauses in a Promissory Note
These are the clauses the template includes, and what each one does for you.
Principal and interest
States the amount borrowed and any interest rate.
Payment terms
Sets whether payment is on demand, by instalments or on a fixed date.
Late fees
Adds a fee if payments are late.
Default and acceleration
Lets the lender demand the full balance on default.
Signatures
Records the borrower's and any co-signer's signatures.
Common mistakes to avoid
- Not stating a due date, which leaves the note payable on demand.
- Late fees that local law treats as penalties.
- Losing the original signed note.
How to use the template
Download the Word file
Buy the Promissory Note template on My Contract Lawyer and download the editable .docx straight after checkout.
Fill in the brackets
Add names, dates, fees, scope and governing law, and delete optional clauses that do not apply to your deal.
Check it against local law
Rules differ between US states, the UK and EU countries, especially for employment, consumer and property contracts. Have a lawyer review high-value or unusual deals.
Sign and keep a copy
Sign on paper or with any e-signature tool, and store the final version where both sides can find it.
Get the Promissory Note template
Lawyer-drafted and ready to edit in Word, Google Docs or Pages. One-time payment of $19, no subscription, instant download from My Contract Lawyer.
Frequently asked questions
Is a promissory note legally binding?
Yes, if properly signed and supported by the loan.
Does it need to be notarised?
Usually not, though notarisation can help prove signatures.
Secured or unsecured?
A simple promissory note is unsecured unless a separate security agreement is signed.
Related contract templates
Templates are a starting point, not legal advice, and using one does not create a lawyer-client relationship. Contract law differs between countries and states, so check the finished document against local law.