Promissory Note
Self-Guided Legal Forms
Promissory Note — Private Loan Agreement
Record a straightforward private loan when the parties have already decided the essential deal. This self-guided note covers a fixed amount actually advanced, fixed simple interest or no interest, a standard repayment schedule, prepayment without penalty, late-payment treatment, notice and cure, optional acceleration, and a paid-in-full acknowledgment. It deliberately excludes collateral, guarantors, variable rates, and revolving advances so the basic form stays focused.
Also called: promissory note, private loan agreement, personal loan promissory note.
What you walk away with
A clean multi-page PDF and DOCX after you finish — not a web-form dump. Preview the document before you pay.
- PDF export
- DOCX export
- E-sign included
- No subscription
United States general drafting baseline with state interest-limit information where available. Interest ceilings, late fees, consumer-credit rules, tax treatment, notices, and collection remedies depend on the parties, purpose, and governing law. The completed note is intended for review by counsel of the customer's choice before use.
Jurisdiction details
See how this document starts in your state
Choose the state where the document will be used. The state page shows the maintained coverage level, local-rule limits, and a builder link with the canonical state code already selected.
When this fits
Use this document when…
- A family member or friend lends a fixed amount that will be repaid in installments
- An owner makes a one-time loan to a closely held business
- Two businesses document an isolated unsecured advance with agreed repayment dates
- The parties want to put money already advanced into a signed repayment record
- A lump-sum, monthly-payment, or interest-only schedule can be stated without custom loan administration
Before you start
Information you will need
- Lender and borrower legal names, addresses, and signer capacities
- The exact principal delivered and the funding date
- Whether the note is interest-free or uses a fixed simple annual rate
- Payment amount, frequency, first due date, and maturity date
- Late-charge, default-notice, cure, and acceleration choices
- Payment address, governing state, and signature date
What you receive
- Completed unsecured Promissory Note
- Payment Schedule exhibit
- Paid-in-Full Acknowledgment
- PDF and editable DOCX downloads
- Electronic-signature and wet-signature blocks
Document questions
Questions about this document
What is a Promissory Note — Private Loan Agreement?
Record a straightforward private loan when the parties have already decided the essential deal. This self-guided note covers a fixed amount actually advanced, fixed simple interest or no interest, a standard repayment schedule, prepayment without penalty, late-payment treatment, notice and cure, optional acceleration, and a paid-in-full acknowledgment. It deliberately excludes collateral, guarantors, variable rates, and revolving advances so the basic form stays focused.
How do I create a Promissory Note — Private Loan Agreement?
A family member or friend lends a fixed amount that will be repaid in installments; An owner makes a one-time loan to a closely held business; Two businesses document an isolated unsecured advance with agreed repayment dates
What should a Promissory Note — Private Loan Agreement include?
Lender and borrower legal names, addresses, and signer capacities; The exact principal delivered and the funding date; Whether the note is interest-free or uses a fixed simple annual rate; Payment amount, frequency, first due date, and maturity date; Late-charge, default-notice, cure, and acceleration choices
Special situations
- Use the Customized tier when principal differs from cash delivered, payments are irregular, or the rate changes over time.
- Use a separate Security Agreement and the correct perfection step when repayment is backed by collateral.
- Use a separate signed guaranty when someone other than the borrower promises payment.
- Consumer-purpose, military, regulated-lender, real-estate-secured, payday, title-loan, and open-end credit transactions need a different workflow.
Product scope
Choose the right promissory note scope
Current level
This Self-Guided Legal Forms product
Creates a professionally drafted unsecured promissory note with payment schedule, default/cure terms, and interest screening prompts.
Not included at this level
- Collateral or Security Agreement
- Personal guaranty
- Variable interest
- Revolving or multi-advance credit
- Real-estate-secured lending
- Deducted origination or financed fees
Next level · $14.99
Comprehensive Promissory Note Package
Customize advanced payment, fee, guaranty, and personal-property security terms.
- Collateral and Security Agreement options
- Personal guarantors
- Variable interest and fee reconciliation
- Default interest and advanced schedules
Frequently asked questions
What makes this the $5.99 version?
It is intentionally limited to a fixed, one-time unsecured loan with standard repayment choices. It does not include collateral, guarantors, variable interest, deducted fees, multi-advance facilities, or the deeper conflict screening found in higher tiers.
Can the note be interest-free?
Yes. The parties can select zero interest or enter a fixed simple annual rate. The workflow does not choose a rate for them and does not determine tax treatment.
Does naming collateral create a lien?
No. This basic note is unsecured. A secured loan ordinarily requires a separate Security Agreement and may require a filing, title notation, possession, or control step.
Can I add a guarantor?
Not in this basic form. A guarantor needs a separate agreement and signature in the guarantor capacity. Compare the Customized note when a guaranty is part of the transaction.
What files do I receive?
The purchase unlocks the completed note, payment schedule, and paid-in-full acknowledgment in PDF and editable DOCX formats.
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Not legal advice
Locke Direct helps structure documents and workflows. It does not replace a qualified lawyer for complex, unusual, or high-risk situations.
Last reviewed August 1, 2026.