This form is a Promissory Note with Confessed Judgment Provisions. The maker of the note promises to repay a loan received from the lender, with interest. The form provides that if the maker defaults upon the loan, the lender may exercise the option of demanding the immediate payment of the entire loan.
Think about your ability to make payments, the risks involved with the quick judgment process, and whether you might need extra time or help if things go south.
Absolutely! You can discuss and negotiate the terms, including whether or not to include a confessed judgment provision, so both sides feel comfortable.
Some people feel it’s a bit one-sided since it doesn’t give you a chance for a court battle, so you should really read the fine print and understand what you’re getting into.