Promissory Note for Individuals with Interest and Instalments
This Interest & Instalments Promissory Note is a simple way of acknowledging a debt. It is a legally binding contract, and consists of a written, dated and signed unconditional promise by one individual (the ‘promisor’) to pay a definite sum of money to another person or company (the ‘payee’) on demand or at a specified future date. The promissory note is only signed by the Promisor, and not by the Payee (or lender).
As a general principle, for promissory notes, the law presumes (contrary to the usual rules of contract) that consideration is provided. Thus it is not necessary to execute a promissory note as a deed.
The debt recorded by this Promissory Note is unsecured.
This Promissory Note is designed to be used by individuals, and is drafted specifically for repayment of the principal amount in instalments, with interest. Two repayment options are provided. The first option allows you to specify the dates on which a defined sum will be paid. The second allows for a specified number of instalments (weekly or monthly) of a specified sum on a specified day of each week or month.
Optional phrases and / or paragraphs are enclosed in square brackets.
If you require a promissory note with more basic provisions or drafted for use by a company, please see the related document links below right.
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