What is a promissory note?

by Guest109239  |  9 years, 1 month(s) ago

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I have heard the term, but how does it differ from a normal bank loan?

 Tags: note, promissory



  1. Ron Collins

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  2. Kuljit Grewal
    A promissory note is a financial instrument in which a borrower agrees to pay the lendor an agreed amount of money at either a fixed date or a determinable time in the future. This may sound like a standard loan however the terms of a promissory note are more lenient. The greatest distinguishing factor is that loans often require minimum regular payments while promissory notes do not. Other differences are terms relating to defaulting on a note (non-existent) while loans are very clear in determining such issues. Last but not least, a note does not have to be signed by the lendor, only the borrower rather than both as is the case for loans.
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