Promissory Note With Balloon Payment With Interest In Michigan
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State:
Multi-State
Control #:
US-00425BG
Format:
Word;
Rich Text
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Description
A Balloon Note is a Promissory Note that has one large payment (the balloon payment) that is due upon maturity. A balloon note will often have the advantage of a very low interest rate, thus requiring little capital outlay during the life of the loan. The major problem with such a loan is that the borrower needs to be self-disciplined in preparing for the large balloon payment due when the loan matures. Of course refinancing the note upon maturity is always a possibility.
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A monthly interest rate can be included on the promissory note. Here's the information you'll need to have handy to complete your unsecured promissory note, interest-only with balloon final payment.A promissory note that requires smaller payments early in the term of the loan and a large payment at the end of the loan term. This Michigan promissory note template is designed for monthly installments now. A Promissory Note with Balloon Payments is a loan contract that enables a lender set loan terms with one or more larger payments at the end.