This Promissory Note is unsecured, with a fixed interest rate, and contains a provision for installment payments
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A promissory note is an important legal document that sets forth the repayment terms when you borrow money.
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This Promissory Note allows Borrowers to re-pay to the Lender the amount of credit in installment payments Borrowers have an option to pre-pay the Note without penalty. Borrowers make regular payments to the Lender, paying off both the principal amount and the interest as it is compounded. At the end of the term of the Note, there will be no outstanding balance to be paid.
The form is designed to help prove that you have established a formal debtor/creditor relationship and that the exchange of money is a loan, not a gift.
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To better understand Promissory Note related issues the following related information may be of interest to you.
 Promissory Note frequently asked questions
What you should know about selling/buying your car
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