10 Free Promissory Note Templates for Personal Loans

1. Simple Promissory Note for Personal Loan

Date: [Insert Date]
Borrower: [Borrower’s Full Name, Address, Phone, Email]
Lender: [Lender’s Full Name, Address, Phone, Email]

I, [Borrower’s Name], promise to pay [Lender’s Name] the principal sum of $[Loan Amount], received in full on [Date Loan Given]. This amount will be repaid in full on or before [Due Date].

No interest will accrue on the principal unless payment is late. If payment is not made in full by the due date, a late fee of $[Late Fee Amount] will be charged for each week past due.

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Repayment Method:
The borrower will repay the full amount in one payment via [Bank Transfer/Cash/Check] by the due date listed above.

Governing Law:
This promissory note shall be governed by the laws of the State of [State Name].

Signatures:
Borrower: _______________________ Date: __________
Lender: _______________________ Date: __________

Witness (Optional):
Name: ___________________________
Signature: _______________________

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2. Installment Payment Promissory Note

Date: [Insert Date]
Borrower: [Borrower’s Full Name, Address, Phone, Email]
Lender: [Lender’s Full Name, Address, Phone, Email]

I, [Borrower’s Name], acknowledge receiving a personal loan of $[Loan Amount] from [Lender’s Name] on [Date Loan Given]. I agree to repay the full amount in [number] monthly installments of $[Installment Amount] each, beginning [Start Date] and ending [End Date], until the loan is paid in full.

Interest Rate:
No interest will be charged on this loan. (If interest is to be charged, specify the rate and calculation.)

Prepayment:
The borrower may prepay any amount at any time without penalty.

Late Payment:
Any installment not paid within [X] days of the due date will incur a late fee of $[Late Fee Amount] per missed payment.

Default:
If the borrower misses more than [number] payments, the lender may demand immediate repayment of the remaining balance.

Governing Law:
This agreement is governed by the laws of the State of [State Name].

Signatures:
Borrower: _______________________ Date: __________
Lender: _______________________ Date: __________

Witness (Optional):
Name: ___________________________
Signature: _______________________

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3. Interest-Bearing Promissory Note

Date: [Insert Date]
Borrower: [Borrower’s Full Name, Address, Phone, Email]
Lender: [Lender’s Full Name, Address, Phone, Email]

I, [Borrower’s Name], have borrowed $[Loan Amount] from [Lender’s Name] as of [Date Loan Given]. The loan will accrue interest at a rate of [X]% per annum, calculated on the unpaid principal.

Payments of $[Payment Amount] will be made [monthly/quarterly/annually], starting [First Payment Date], until the total principal and interest have been paid in full.

Interest Calculation:
Interest will be calculated using a [simple/compound] method on the unpaid principal.

Late Payment:
A late fee of $[Late Fee Amount] will be charged for payments not received within [number] days of the due date.

Prepayment:
Borrower may prepay the loan at any time without penalty, and interest will only be charged up to the date of full repayment.

Default:
If the borrower defaults on more than [number] payments, the lender may accelerate the full amount due.

Governing Law:
This agreement is governed by the laws of [State Name].

Signatures:
Borrower: _______________________ Date: __________
Lender: _______________________ Date: __________

Witness (Optional):
Name: ___________________________
Signature: _______________________

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4. Lump-Sum Repayment Promissory Note

Date: [Insert Date]
Borrower: [Borrower’s Full Name, Address, Phone, Email]
Lender: [Lender’s Full Name, Address, Phone, Email]

For value received, I, [Borrower’s Name], agree to repay [Lender’s Name] the principal sum of $[Loan Amount], received on [Date Loan Given]. The total amount will be repaid in one lump sum on or before [Repayment Date].

Late Payment:
If repayment is not made by the due date, a late fee of $[Late Fee Amount] will be added for each week overdue. The lender may also pursue legal remedies to collect the unpaid amount if necessary.

Prepayment:
Borrower may repay all or part of the loan before the due date without any prepayment penalty.

Security:
This is an unsecured note. (If you want to secure the loan, add details here.)

Governing Law:
This note shall be governed by the laws of [State Name].

Signatures:
Borrower: _______________________ Date: __________
Lender: _______________________ Date: __________

Witness (Optional):
Name: ___________________________
Signature: _______________________

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5. Promissory Note with Collateral

Date: [Insert Date]
Borrower: [Borrower’s Full Name, Address, Phone, Email]
Lender: [Lender’s Full Name, Address, Phone, Email]
Collateral Description: [Detailed description of item(s) pledged, including serial number or unique identifiers]

This promissory note acknowledges that [Borrower’s Name] has received a loan of $[Loan Amount] from [Lender’s Name] on [Date Loan Given]. As security, the borrower pledges the following collateral: [Description of Collateral]. The total loan amount plus interest of [X]% per annum will be repaid by [Due Date].

Repayment Schedule:
Repayment will be made in [monthly/quarterly/annual/lump sum] payments of $[Amount] starting [Start Date].

Default and Collateral:
If the borrower fails to repay the loan by the due date or defaults on more than [number] payments, the lender may take possession of the collateral. If the value of the collateral is insufficient to cover the debt, the borrower remains liable for the remaining balance.

Late Payment:
A late fee of $[Late Fee Amount] will apply to payments received more than [number] days past due.

Governing Law:
This agreement is governed by the laws of [State Name].

Signatures:
Borrower: _______________________ Date: __________
Lender: _______________________ Date: __________

Witness (Recommended for collateralized loans):
Name: ___________________________
Signature: _______________________

6. Promissory Note for Loan Between Friends

Date: [Insert Date]
Borrower: [Borrower’s Full Name, Address, Phone, Email]
Lender: [Lender’s Full Name, Address, Phone, Email]

For value received, I, [Borrower’s Name], promise to pay [Lender’s Name] the sum of $[Loan Amount] that was loaned to me on [Date Loan Given]. This loan will be repaid in equal biweekly payments of $[Payment Amount] starting [First Payment Date] and continuing until the total balance is paid in full by [Final Due Date].

Both parties agree to remain transparent and communicate any potential repayment issues in advance. There will be no interest charged on this loan unless payment is late, at which point a $[Late Fee Amount] will apply per missed payment.

Borrower’s Signature: _____________________
Lender’s Signature: ______________________
Witness Name/Signature (Optional): ___________________________

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7. Flexible Repayment Promissory Note

Date: [Insert Date]
Borrower: [Borrower’s Full Name, Address, Phone, Email]
Lender: [Lender’s Full Name, Address, Phone, Email]

This note confirms that [Borrower’s Name] has borrowed $[Loan Amount] from [Lender’s Name] on [Loan Date]. Repayment will occur in flexible monthly amounts of no less than $[Minimum Payment Amount] per month, with the entire balance due in full by [Final Due Date].

The lender agrees to provide a written receipt for each payment made. There is no prepayment penalty, and any early payment will be applied directly to the principal.

Late Payment Clause:
A late fee of $[Late Fee Amount] is assessed if any payment is made more than [number] days after the agreed due date.

Governing Law:
This agreement is governed by the laws of [State Name].

Borrower’s Signature: _____________________
Lender’s Signature: ______________________
Witness Name/Signature (Optional): ___________________________

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8. Promissory Note With Co-Signer

Date: [Insert Date]
Borrower: [Borrower’s Full Name, Address, Phone, Email]
Lender: [Lender’s Full Name, Address, Phone, Email]
Co-Signer: [Co-Signer’s Full Name, Address, Phone, Email]

For the loan amount of $[Loan Amount] provided on [Loan Date], I, [Borrower’s Name], promise to repay [Lender’s Name] in equal installments of $[Installment Amount] per month, beginning [First Payment Date] until paid in full by [Final Due Date].

In the event of default, the co-signer, [Co-Signer’s Name], agrees to be fully responsible for the repayment of any unpaid balance. A late fee of $[Late Fee Amount] will be added for any payment not received within [number] days of the due date.

Signatures:
Borrower: _____________________ Date: ________
Lender: _____________________ Date: ________
Co-Signer: ____________________ Date: ________
Witness (Recommended): ___________________________

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9. Promissory Note for Emergency Personal Loan

Date: [Insert Date]
Borrower: [Borrower’s Full Name, Address, Phone, Email]
Lender: [Lender’s Full Name, Address, Phone, Email]

I, [Borrower’s Name], acknowledge receiving an emergency loan of $[Loan Amount] from [Lender’s Name] on [Loan Date] to cover urgent expenses. I agree to repay the total amount in three equal payments of $[Payment Amount] on [Payment Date 1], [Payment Date 2], and [Payment Date 3].

This loan is interest-free provided payments are made on time. Should any payment be missed, the remaining balance will become immediately due and payable in full, plus a late fee of $[Late Fee Amount] per missed payment.

Additional Terms:
Any changes to the repayment schedule must be agreed upon in writing by both parties.

Signatures:
Borrower: _____________________ Date: ________
Lender: _____________________ Date: ________
Witness (Optional): ___________________________

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10. Promissory Note With Forgiveness Clause

Date: [Insert Date]
Borrower: [Borrower’s Full Name, Address, Phone, Email]
Lender: [Lender’s Full Name, Address, Phone, Email]

This note acknowledges that [Borrower’s Name] has received a loan of $[Loan Amount] from [Lender’s Name] as of [Loan Date]. Repayment shall be made in four equal monthly installments of $[Payment Amount] beginning [First Payment Date].

If [Borrower’s Name] makes all payments on time without any late payment, the lender agrees to forgive the final payment of $[Forgiven Amount]. Any payment made more than [number] days late will nullify this forgiveness clause and the full amount will become due.

Late Payment Clause:
A late fee of $[Late Fee Amount] applies to any payment made after the due date.

Governing Law:
This agreement is governed by the laws of [State Name].

Signatures:
Borrower: _____________________ Date: ________
Lender: _____________________ Date: ________
Witness (Optional): ___________________________