Louisiana Installment Promissory Note with No Interest Accruing
What this document covers
An installment promissory note with no interest accruing is a written agreement where a borrower promises to repay a lender a certain sum of money in equal installments over a specified timeframe. Unlike other promissory notes that may accrue interest, this particular note does not add interest to the principal amount, making it straightforward. It is classified as an unsecured note, relying solely on the borrower's promise to repay, without requiring any collateral.
Key parts of this document
- Borrower and lender information: Details about the parties involved in the agreement.
- Loan amount: The total sum to be repaid by the borrower.
- Installment details: Specifies the number of installments and the amount of each payment.
- Payment schedule: Dates when payments are due, including late payment conditions.
- Attorney's fees clause: Outlines fees applicable if legal action is needed for collection.
Situations where this form applies
This form is used when an individual or business lends money without accruing interest, and the borrower agrees to repay the loan in fixed installments. Real-world scenarios include personal loans between friends or family, payment plans for services or goods, and informal lending agreements where simplicity is desired.
Who should use this form
- Individuals or businesses lending money without interest.
- Borrowers who prefer structured repayment plans.
- Parties seeking a clear, written record of loan terms.
Steps to complete this form
- Identify the parties: Enter the names and addresses of the borrower and lender.
- Specify the loan amount: Fill in the total sum being borrowed.
- Determine the installment plan: Indicate the number of monthly payments and their amounts.
- Set payment due dates: Include the date when the first payment is due and the schedule for future installments.
- Sign and date the document: All parties should sign the note to validate it.
Does this document require notarization?
Notarization is generally not required for this form. However, certain states or situations might demand it. You can complete notarization online through US Legal Forms, powered by Notarize, using a verified video call available anytime.
Get your form ready online
Our built-in tools help you complete, sign, share, and store your documents in one place.
Make edits, fill in missing information, and update formatting in US Legal Forms—just like you would in MS Word.
Download a copy, print it, send it by email, or mail it via USPS—whatever works best for your next step.
Sign and collect signatures with our SignNow integration. Send to multiple recipients, set reminders, and more. Go Premium to unlock E-Sign.
If this form requires notarization, complete it online through a secure video call—no need to meet a notary in person or wait for an appointment.
We protect your documents and personal data by following strict security and privacy standards.
Make edits, fill in missing information, and update formatting in US Legal Forms—just like you would in MS Word.
Download a copy, print it, send it by email, or mail it via USPS—whatever works best for your next step.
Sign and collect signatures with our SignNow integration. Send to multiple recipients, set reminders, and more. Go Premium to unlock E-Sign.
If this form requires notarization, complete it online through a secure video call—no need to meet a notary in person or wait for an appointment.
We protect your documents and personal data by following strict security and privacy standards.
Common mistakes
- Failing to include all parties' signatures.
- Not clearly specifying the payment schedule.
- Leaving out the loan amount or payment details.
Benefits of using this form online
- Easy accessibility: Download and fill out the form at your convenience.
- Customizable: Tailor the document to your specific lending needs.
- Reliability: Ensures that you have a legally recognized record of the loan agreement.
Looking for another form?
Form popularity
FAQ
Writing the Promissory Note Terms You don't have to write a promissory note from scratch. You can use a template or create a promissory note online.
Promissory notes are a valuable legal tool that any individual can use to legally bind another individual to an agreement for purchasing goods or borrowing money. A well-executed promissory note has the full effect of law behind it and is legally binding on both parties.
Personal Promissory Notes This is a particular loan taken from family or friends. Commercial Here, the note is made when dealing with commercial lenders such as banks. Real Estate This is similar to commercial notes in terms of nonpayment consequences.
What is the difference between a Promissory Note and a Loan Agreement? Both contracts evidence a debt owed from the Borrower to the Lender, but the Loan Agreement contains more extensive clauses than the Promissory Note. Further, only the Borrower signs the promissory note while both parties sign a loan agreement.
