Promissory Notes with Balloon Payment are used when a lender makes a loan based on the borrower making a final large (balloon) payment at the end of the note's term. This note sets out the amount of required monthly payments, the note's term and the amount of the balloon payment.
Promissory Notes with Equal Installments are used by a lender who agrees to repayment of a loan in monthly installments. This note sets out the amount borrowed, the note term and the amount of installments. It also states that the borrower has the right to repay the note in full without penalty.
Promissory Notes with On Demand Payments are used when a borrower agrees to repay a loan whenever the borrower demands repayment. This note sets out the amount of the loan, interest rate and the obligations of both borrower and lender.
Promissory Notes with a Set Term of Repayment are used when a lender loans money based on a set repayment schedule. This promissory note sets out the amount of the payments, the term of the loan and the interest rate. It also sets forth remedies which may be taken in the event of default.
This Promissory Note is between a borrower and a holder who will accept payment through installments or full payment on a certain date. This note includes the names of both parties, the amount of the loan, the date payment is due (one option) or an installment arrangement (second option). This Promissory Note with Multiple Options does not contain a prepayment penalty clause. It does contain a provision which states that in the event of default, the note shall become due and payable upon demand by the holder.
This Promissory Note is between a borrower and a lender who can demand that principal and interest be paid immediately. This note sets forth the names of the parties, the amount of the note and the interest rate. This Promissory Note on Demand does not contain a prepayment penalty.