Promissory Note 

 Date: [Date] 

 For value received, the undersigned [Borrower’s Full Name], residing at [Address] (“Borrower”), promises to pay [Lender’s Full Name], residing at [Address] (“Lender”), the principal sum of $[Amount], plus interest at the rate of [Interest Rate]% per annum. 

Repayment Terms 

• ☐ Single Payment: The entire principal and accrued interest shall be paid on or before [Due Date]. 

• ☐ Installments: The Borrower agrees to pay monthly installments of $[Amount], starting [Date], and continuing each month until the Note is paid in full. 

Late Payments 

If payment is more than [Number] days late, a late fee of $[Amount] or [Percentage]% will apply. 

Security (if applicable) 

This Note is [secured/unsecured]. If secured, collateral is described as follows: [Collateral details]. 

Default 

Upon default, the Lender may demand immediate payment of the full balance due, including any accrued interest and applicable late fees, and recover any collection costs and attorney fees. 

Governing Law 

This Promissory Note is governed by the laws of the State of [State]. 

Borrower’s Signature: ____________________________ Date: ____________ 

Printed Name: ___________________________________