Promissory Note (Installment or Lump Sum) — 2026 template
Borrower's unconditional written promise to repay a loan with interest, acceleration and late-charge terms
- Country
- United States
- Category
- Loans and IOUs
- Checked against the law
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What's inside
- Principal, interest rate and repayment schedule
- Prepayment, late charge and default acceleration
- Usury check against [State] maximum rate
- Optional security and guarantor lines
Legal basis
- UCC § 3-104 (negotiable instrument)
- [State] usury statute (maximum interest rate)
- UCC Article 9 (if secured by personal property)
Start of the text
This is the beginning of the template. Fields in square brackets are filled in the Legal editor.
Principal amount: $[Principal amount] · Date: [Date] · Place: [City], [State]
1. Promise to Pay
For value received, [Borrower full legal name], of [Borrower address] ("Borrower"), promises to pay to the order of [Lender full legal name], of [Lender address] ("Lender"), the principal sum of $[Principal amount] ([Amount in words] U.S. dollars), with interest as provided below.
2. Interest
Interest accrues on the unpaid principal from [Interest start date] at [Interest rate]% per year, calculated on a [365-day year / 360-day year] basis. The parties confirm that this rate does not exceed the maximum lawful rate under [State] law; if it does, the rate is reduced to the maximum lawful rate.
3. Repayment
Borrower will repay the loan as follows: (Choose: a single payment of all principal and interest on [Maturity date] / [Number] equal monthly installments of $[Installment amount] beginning [First payment date], with any remaining balance due on [Maturity date]).
Payments are made to [Payment address or account] and applied first to accrued interest, then to principal.
4. Prepayment
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