Installment Promissory Note
A loan agreement repaid in fixed monthly installments over a set period. Includes interest rate, late fees, and default provisions.
Why you need one
Predictable payments
Fixed monthly installments make budgeting easy for both lender and borrower.
Legal enforceability
A signed promissory note is a legally enforceable debt instrument — much stronger than a verbal agreement.
Default provisions
Defines what happens if the borrower misses payments — including acceleration and collection costs.
Interest documentation
Documents the interest rate so there's no dispute about the cost of borrowing.
How it works
Answer a few questions
Takes about 10 minutes. Progress is saved as you go.
Pay a flat fee
Stripe checkout — cards + Apple Pay + Google Pay accepted.
Our expert team drafts it
State-specific, reviewed by an expert or partner attorney. 2 business days.
Download + sign
Delivered to your /account dashboard. Sign digitally or print + notarize.
What's in your document
- Loan amount
- Interest rate
- Installment schedule
- Late fees
- Default & acceleration
- Prepayment
Make it legal — after you receive it
Both parties sign
Lender and borrower sign. Notarization is recommended.
Provide consideration
The borrower should give something of value (even $1) to make the note enforceable.
Keep the original safe
The lender keeps the original. The borrower gets a copy.
Pairs well with
This is not legal advice. We draft legal documents and our team includes licensed experts who review each one, but we are not your law firm and nothing we deliver constitutes legal advice for your specific matter. Read our full disclaimer.
Competitor pricing checked against Rocket Lawyer and LegalZoom public pricing; excludes fees and may change. See our price sources for capture dates.
- State-specific — every state's format supported
- Delivered to your /account dashboard within 2 business days
- CPA + attorney review before delivery
- Free amendments for 30 days