Promissory Note With Balloon Payment With Interest In Utah
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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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Easily create a legally binding contract with our free Promissory Note template. Clearly outline loan terms and protect both parties with expert guidance.Here's the information you'll need to have handy to complete your unsecured promissory note, interest-only with balloon final payment. Utah has clear guidelines on what lenders may charge as interest for promissory notes.