A Promissory note is used when an entity (the “Lender”) loans money to another entity (the “Borrower”), the loan is then finalized and made official with a promissory note, detailing matters such as the interest rate and repayment schedule.
A Promissory Note – Term differs from a regular Promissory Note in that the Borrower is obligated to pay off the complete principal and remaining accrued interest, on a specified date, ending the term of the note.
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