Conclude your loan agreement once it's repaid. Use our release of promissory note template to formally mark your financial arrangement's end.Such a document serves as the borrower's proof that the debt has been paid. Select the state where the loan is taking place. 2. Provide party details. In this video I'm going to give you a really quick overview of what a promisory note is and how you can put one together really quickly. Our user-friendly template helps you create a legal document for loan agreements, while providing peace of mind and clarity for both parties involved. What does a promissory note include? 2 A Payoff Letter may address multiple underlying debt obligations or a complex debt obligation with multiple borrowing or lending parties. The Parties: Full names and addresses of the borrower and lender.