California's Promise Made Simple: Craft Your Official Promissory Note Today
California's Promise Made Simple: Craft Your Official Promissory Note Today
Reassurance is key when asking for a loan; give your lender confidence and peace of mind by stating the terms of your loan and payment plan. A promissory note at the tip of your fingers.
California's Promise Made Simple: Craft Your Official Promissory Note Today
Reassurance is key when asking for a loan; give your lender confidence and peace of mind by stating the terms of your loan and payment plan. A promissory note at the tip of your fingers.
Here's the info you'll need:
Who is it coming from and who is it going to
Who will be sending the document? Have their name and information handy. Also, determine who will be the recipient of this document and have their information ready
Which state will govern it
Remember each state acts under it's own laws. Be specific and name the state this document will have validity at.
Subject matter and payments
Specify loan terms like, loan amount, payment plan (bi-weekly, montly etc) with its start and end dates, and one or more specfic assets that will be used as back up or better known as collateral
What's a Promissory Note? A Promissory Note is...
What's a Promissory Note? A Promissory Note is...
A promissory note is paper evidence of a debt where the borrower promises the lender to pay back a loan. It should outline the amount of the loan, interest rate and schedule for repayment. All loans should be "Secured" meaning that they are guaranteed by a security or " collateral" which is any instrument used by an institution to back or secure the note. A promissory note is issued by a lender, signed by the borrower, then witnessed and signed by the lender.
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