A promissory note is a written promise to pay a debt over time. There are several options available to the parties in deciding how payments are to be made, including: on demand, monthly installment, and scheduled installment. Often the lender will require the promise be secured by something that the borrower already owns or has an interest in, usually this will be the item for which the money is being borrowed. If the borrower fails to pay on the secured promissory note, the lender may take the property or interest that was used as security on the debt.
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