Promissory Note: What It Is, Different Types, and Pros and Cons (Investopedia definition)
By ADAM BARONE Updated May 24, 2023
Reviewed by MARGARET JAMES
Fact checked by SUZANNE KVILHAUG
Original Investopedia link:
https://www.investopedia.com/terms/p/…
Promissory Note: What It Is, Different Types, and Pros and Cons (Investopedia definition)
By ADAM BARONE Updated May 24, 2023
Reviewed by MARGARET JAMES
Fact checked by SUZANNE KVILHAUG
Original Investopedia link:
https://www.investopedia.com/terms/p/promissorynote.asp
What Is a Promissory Note?
A promissory note is a written and signed promise to repay a sum of money in exchange for a loan or other financing. A promissory note typically contains all the terms involved, such as the principal debt amount, interest rate, maturity date, payment schedule, the date and place of issuance, and the issuer's signature.
Although financial institutions may issue them—for instance, you might be required to sign a promissory note to take out a small personal loan—promissory notes also allow companies and individuals to get financing from a non-bank source. This source can be an individual or a company willing to carry the note (and provide the financing) under the agreed-upon terms. In effect, promissory notes can enable anyone to be a lender.
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