Promissory Note for Business Loan (Amortized Payments)
Everything you need to lend or borrow money, using amortized monthly payments to repay a loan. This promissory note - often called an IOU form - comes with plain-English, step-by-step instructions for completing your promissory note.
Use this IOU form when you plan to borrow or loan money and will use amortized monthly payments to repay the loan.
Amortized loans are often used in mortgages and car payments. You pay the loan off in equal monthly payments over a set period of time, usually a number of years. As the amount you owe declines, the amount of each payment that goes to principal and interest changes, the principal portion gradually going up while the interest portion goes down.
Important to Know:
If the loan will be secured with real estate, have a lawyer provide the mortgage or deed of trust