Before you hand the person the money or the check, tell them they have to go to a bank or anywhere else there is a notary and have this form notarized first.
-------------------------------------------------------------------------------------





PROMISSORY NOTE


Principal amount owed: $____________ DATE:_____________


I, ___________________________________ (Borrower) promise to pay __________________________________ (Lender)who resides at ___________________ the sum of _____________________________ Dollars ($_______________), and interest at the rate of _____% on the unpaid balance as specified below. The form of payment shall be money order or bank counter check. No cash or personal checks will be accepted.

Repayment shall be made in __________ weekly/monthly installments, consisting of $______per installment on the ____ day of each week/month and continue through for ______ week/months, or until the principal is paid in full.

OR, Borrower will pay one lump payment in lawful money of the United States on: _____/_____/_____.

If the Borrower fails to make an installment payment when due or fails to comply with any other term of this promissory note, the loan will be considered in default. A late penalty charge of __________________ Dollars per (month/day) will be assessed until the account is brought current inclusive of the late charges, interest and applicable fees.

Borrower agrees that until the principal and interest owed under this promissory note are paid in full, this note will be secured by _______________________________(describe property, jewelry, electronics, a car or a house.)

Payments will be applied first to interest and then to principal.

This note may be prepaid by the Borrower at any time in whole or in part without premium or penalty.

The Borrower must promptly inform the Lender of any change in name or address.

If the Lender prevails in a lawsuit to collect on this note, Borrower will pay Lender's court costs, collection agency costs, and attorney's fees in an amount the court finds to be reasonable. Lender retains the right to take the borrower to small claims court or a court of higher jurisdiction (depending on the amount of the loan) without notice at any time the loan is in default.

IN WITNESS WHEREOF, I set my hand under seal this ____th day of _______________, 20___ and I acknowledge receipt of a completed copy of this instrument.

_________________________________
Borrower’s Signature
Permanent Address: _____________________________________________________
Social Security Number: ______________________________
Driver's Licence Number: ______________________________


_______________________________________
Notary Public - SEAL
My Commission Expires ______/______/______