A “promissory note” can mean a lot of things, but the most basic definition is that it’s a promise to pay money. There are many different kinds of these notes available. The one you need depends on exactly what you need it for. In the old days, to find the right note, you had to hunt all around the internet. Now, you can find them all at one place: US Legal Forms. No matter what kind of note you need, they have it available on their site, properly updated.
How a Promissory Note Works
If you look carefully at a promissory note, you’ll notice that it is the evidence of a loan agreement. In fact, you can often find the terms of the loan agreement contained there as well. You can use these notes in a variety of ways. They can be for commercial transactions, but they’re also valid for personal ones, too. Should a question ever arise, one of these notes provides concrete, unimpeachable evidence of the loan’s terms. Hopefully, it’s never challenged in court, but one of these notes can help quite a bit in a “just in case” kind of capacity.
The Need for a Note
You’ve probably heard the phrase “put it in writing.” Well, that’s basically what a promissory note is. It’s writing that proves the terms off a loan. No matter how much you trust the person you’re doing your loan deal with, getting one of these notes is still a good idea. For example, an “oral agreement” doesn’t exactly stand up in court. Say that you lend someone you trust implicitly a lot of money, in hope that they’ll pay you back. They don’t. You, betrayed, file suit against them. Without a note like this, your case will be incredibly hard to make as it will be your word against theirs. To avoid these kinds of misunderstandings and differences, get a note.
Your One Stop Shop for Affidavits and More
There are so many different kinds of promissory note available. For example, they have “Balloon” ones as well as “Demand,” “Secured,” “Unsecured” and even “Master.” If you go to their site, you’ll find a detailed description of each as well as when to use them. Should you have any other questions, don’t hesitate to reach out to them at US Legal Forms by calling their phone number: (877)389-0141.