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Louisiana Installment Promissory Note with No Interest Accruing

State:
Louisiana
Control #:
LA-5410
Format:
Word; 
Rich Text
Instant download

Description

A promissory note is a written document in which a borrower agrees (promises) to pay back money to a lender according to specified terms. This is an example of an installment promissory note, in which the loan is repaid in fixed installments at regular intervals (for example, month, quarter, or semi-annual) as specified in the note, along with interest. This is also an unsecured note, which means a note that is not secured by any collateral but only the promise to pay.

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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.

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Louisiana Installment Promissory Note with No Interest Accruing