Promissory Note Generator (Loan Agreement)
Create a promissory note for a personal or family loan — amount, interest rate, repayment schedule with monthly payment, late fees, prepayment and default — with the payment calculated for you.
For general information only — not legal advice. Laws vary by location; consult a qualified lawyer.
How to use
- 1Enter lender, borrower and loan amount.
- 2Set the interest rate and repayment period.
- 3Download, sign, and keep a copy each.
Frequently asked questions
Is this promissory note legally binding?
A document like this is binding when the parties agree to it (and sign where required). Whether each clause is enforceable depends on your local law, so have important agreements reviewed by a lawyer.
Do family loans need interest?
In the US, loans over $10,000 at below the IRS Applicable Federal Rate (AFR) can have tax consequences for the lender. Charging at least the AFR avoids that.
What's the difference from an IOU?
An IOU only acknowledges a debt. A promissory note includes a promise to repay on specific terms, which makes it easier to enforce.
Is my information stored?
No. The document is generated in your browser and nothing you type is sent to our servers.