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6 Answers
- 1 decade agoFavorite Answer
A signed contract between you, the borrower, and the facility where you are getting a loan - telling you your agreed amount, interest rate and payment terms. You will usually get a promissory note with all loans.
- LA LALv 61 decade ago
A promisary note is something that you promise to do or to pay back. You can always write one yourself.
- Anonymous1 decade ago
A promisary note is a contract to pay for something later.
You write it up and both parties sign it.
- qbanita0113Lv 41 decade ago
A promissory note is your promise to a lender that you will pay off that loan, and agreeing to the terms & conditions of the lender. Usually used for the purchase of a house..
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- ?Lv 51 decade ago
If you loan money to Joe Blow, Joe, will write you a promissory note. Saying when and how much you'll be paying! Joe will give you something of value, in case he can't make the payments!!
- 1 decade ago
They are what they are. They are promise notes to fulfill on a certain date as specified on the notes.
