What is a Promissory Note?

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If you’re lending money to a relative or friend, you’ll want to craft a written agreement. A Promissory Note spells out how and when you are to be paid, and what happens if the borrower doesn’t repay the loan.
A promissory note, sometimes referred to as a note payable, is a legal instrument, in which one party promises in writing to pay a determinate sum of money to the other, either at a fixed or determinable future time or on demand of the payee, under specific terms.
Having a note won’t guarantee you’ll be repaid, but it does help clear up ambiguities and serves as evidence if you ever decide to take the borrower to court.
If you would like to draft a Promissory Note, we’re ready to help!
Visit our store in Santa Ana, CA, or call 714-209-8500 to make an appointment!
We look forward to doing business with you!
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