Promissory Note
This Promissory Note is made between [Lender name] (the "Lender") and [Borrower name] (the "Borrower") as of the date of the last signature below.
1. Promise to pay
The Borrower promises to pay the Lender [amount], with interest at [rate]% per year.
2. Repayment
The Borrower will repay [in one payment on date / in monthly payments of amount starting date]. The Borrower may repay early without penalty.
3. Default
If a payment is more than [15] days late, the Lender may give notice that the whole balance is due at once. Interest rates are capped by law in many places: check the limit where you live.
4. General
This agreement is governed by the laws of [state]. It is the entire agreement between the parties on its subject and may be changed only in writing signed by both. It may be signed electronically and in counterparts.