This Promissory Note Simple Form is a legal instrument binding on both the borrower and the lender. This document is suitable for promising the repayment of debt borrowed for personal or small business expenses. You as a borrower and the executor of this promissory note undertake to repay borrowed money as per the terms, conditions, and schedule defined in the document.
This simple to prepare document is not a secured promissory note, as it does not have provision for pledging surety towards the repayment. You as the borrower of the debt must specify the principal amount, interest on the principal amount, and the repayment along with the manner of repayment in the respective spaces accurately. The lender is free to take legal action upon a default on this Promissory Note Simple Form.
- Please read the provisions related to the principal amount, repayment terms and rate of interest carefully before signing this Promissory Note Simple Form.
- Notarization if the signature is not necessary for execution and legal standing of the promissory note. However, the lender may insist for notarization. Please notarize the signature of the borrower by Notary Public of your state.
- Specify the due date and place of repayment as required by this legal document.
- You must enter the mode and manner of repayment of the debt in this Promissory Note Simple Form.
- Make copies of this document after signing and executing and handover one copy to each involved party.
How to Prepare Promissory Note Simple Form
- Start by entering the principal amount on the first line. Use US Dollar as currency for mentioning the principal amount.
- Enter the name of the City, County, and State on the next line to define the jurisdiction of this Promissory Note Simple Form.
- Then enter the date of signing and executing this promissory note in the required format.
- Next portion of the form has spaces for entering the legal name of the lender/Company, then principal amount in words and figure, and rate of interest. Mention these details in the respective spaces to complete this portion of the promissory note.
- The succeeding part of Promissory Note Simple Form requires your attention. Please enter the name of the place to repay the debt as mutually agreed between you and the lender. Then enter the due date of repayment in the required format.
- The last portion of this Promissory Note Simple Form has spaces reserved for the signature and seal. You must sign on this line to accept and execute the promissory note.