Promissory note is document used to record the details of borrowing from one individual to another, the document is outlining how the borrower promises to pay back a loan, and it can be unsecured and secured.
An unsecured promissory note has no security in the agreement in case the debt is not paid in fill, while the secured one will need the borrower to place assets or collateral in note which is only given to the Lender in the event of non-payment.
If you are planning to lend a money to your friend or relative, you will definitely need to craft a promissory note. The following examples can be great to spells out how to create a well crafted promissory note.
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