Financial
Promissory Note (Simple IOU)
Written promise to repay borrowed money with specified amount, interest rate, payment schedule, and default terms creating legally binding debt obligation.
Key Clauses
1
Whereas T
Defines whereas t terms and conditions.
Use This Template
When You Need This
- Borrowing money from individuals or private lenders for personal needs
- Creating formal documentation for informal loans between friends or family
- Establishing repayment terms for business-to-business lending arrangements
- Providing legal evidence of debt obligation for collection purposes