This form is a written promise to pay a debt. It is an unconditional promise to pay, on demand or at a fixed or determined future time, a particular sum of money to, or to the order of, a specified person or to the bearer.
Promissory Note Template Alabama With Personal Guarantee
Category:
State:
Alabama
Control #:
AL-012-02-CP
Format:
Word;
Rich Text
Instant download
Description
How to fill out Alabama Promissory Note?
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FAQ
Personal Guarantee: Taking Responsibility A promissory note alone may not be enough to secure the loan your business needs. That's why your promissory note could include a personal guarantee. Since a promissory note is basically just an IOU, a lender will want some kind of collateral to secure the loan.
A simple promissory note might be for a lump sum repayment on a certain date. For example, you lend your friend $1,000 and he agrees to repay you by December 1. The full amount is due on that date, and there is no payment schedule involved.
At its most basic, a promissory note should include the following things:Date.Name of the lender and borrower.Loan amount.Whether the loan is secured or unsecured. If it's secured with collateral: What is the collateral?Payment amount and frequency.Payment due date.Whether the loan has a cosigner, and if so, who.
Detailed Information The note has all the required information including the name of the drawer and payee, date of maturity, terms of repayment, issue date, name of the drawee, name, and signature of the drawer, principal amount, and the rate of interest, etc.
Follow the steps below to complete the Master Promissory Note:Navigate to the website: "Log In."Enter your FSA ID and Password.Under the "Complete Aid Process" heading, select "Complete Master Promissory Note."Select the appropriate loan type.Enter Your Personal Information.More items...
