Autofill Legal California Promissory Notes Forms For Free

?A promissory note is basically an IOU,? says Bill Maurer, director of the Institute for Money, Technology and Financial Inclusion at the University of California, Irvine. ?It's a written statement of a promise to pay a specific sum of money by a specific time. Think of it as an IOU that's legally enforceable.?

No. Promissory notes do not need to be notarized. The borrower only needs to sign the document to make it legally enforceable. A witness may be helpful if one party contests the note, but a notary is not necessary.

You can use a template or create a promissory note online. But before you begin, you'll need to gather some information and make decisions about the way the loan will be structured. First, you'll need the names and addresses of both the lender (or "payee") and the borrower.

A promissory note typically contains all the terms pertaining to the indebtedness, such as the principal amount, interest rate, maturity date, date and place of issuance, and issuer's signature.

However, using a lawyer is not necessary for the loan to be valid. Once you draft the promissory note, it's time for everyone to sign it: the lender, the borrower and the co-signer (if there is one). Again, seeking professional help such as notarizing the signatures is a good idea but not required.

How to Write a Secured California Promissory Note Begin by entering the lender's complete information, the current date, the borrower's complete information, the amount of the loan, and the amount of the interest involved in the loan. Choose the method you would like the borrower to repay the balance.