Blank Loan Agreement, Contract Sample

A promise to pay letter or "note" is a legally binding contract that discloses the amount the borrower is obligated to pay in full or in installment payments and date of payment or payments.

A well crafted IOU or loan contract form guarantees that the lender will eventually get the money back, in many cases with interest and late fees. If necessary, the lender can take legal steps to recover the loan amount.

Make sure it comply with your state's laws. Some states do not allow high interest and late fees charge beyond the maximum established by USURY LAWS.

Information to include in your promise to pay letter form or IOU document:

  • Lender full legal name, address and contact information. 
  • Borrower ’s full name and address. The social security number may also be included.
  • Principal amount before any interest charges or late fees.
  • Detailed repayment information, total monthly payments, due date. 
  • Interest rate and late fees (if applicable).


PRINCIPAL AMOUNT: $ ______________________ DUE DATE: ____________,_____ of 20___.

Executed in the City of __________, County of _________________, State of _____________ 

FOR VALUE RECEIVED,  _______ ________________  (LENDER, Individual's or business name) I, _________________________________with an address of _______________________________ promise to pay to the order of _____________________________________ (PAYEE, Individual's or business name) residing or located at _____________________________________________ City: _____________________________, State: _____ Zip :________

OR its HOLDER the principal sum of: ______________________________________together with interest in arrears from the date hereof on the unpaid principal balance, at the rate of ______ percent per annum.

Principal and interest shall be payable in _____ monthly payments of $________ . Commencing on ___/___/___ and continuing on the same day of each month thereafter until the last payment on ___/___/___. The last installment shall include any remaining unpaid principal, together with any accrued interest still owned until the last payment date.

All payments under this Note shall be applied first to late fees and costs, if any, second to interest then due, if any, and the balance to principal.

Payments under this Note shall be made in lawful money of the United States.

This notet shall be enforced under the law of the State of __________________

This Note may be prepaid at any time, in whole or in part, without penalty or premium.

If any installment hereunder is not paid within ___ days of the date the payment is due, the PAYEE shall pay to the LENDER a late charge equal to ___ percent of the overdue payment as liquidated damages, and not as a penalty.

This Note is secured by __________ dated ___/___/___, and executed by ____________, with respect to the following property: ___________________________________.

Should maker default under or otherwise breach this promissory note and not cure said default or breach on or before the _____th day all principal remaining unpaid and interest accruing thereon shall at the option of the holder be immediately due and payable to the holder. All collection and or litigation costs including attorney fees and court costs shall be paid by the Maker, whether judgment is rendered or not.

This note has been executed in the presence of:

__________________________________________________(WITNESS Name and Address)

__________________________________________________(WITNESS Signature)

__________________________________________________ (PAYEE'S Name and Address)

__________________________________________________ (PAYEE'S Signature)

Date: ____ / ____ / ____ - Make sure your document complies with your state's laws before using it: Alabama, Arkansas, Alaska, Arizona, California, Colorado, Delaware, Connecticut, Florida, Georgia, Hawaii, Indiana, Illinois, Iowa, Idaho, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin, and Wyoming.

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DISCLAIMER: The law will vary depending on your state and the specifics of your case. The information provided by is intended for educational purposes only. All the content on this website should NOT be considered professional legal advice or a substitute for professional legal advice. For such services, we recommend getting a free initial consultation by a licensed Attorney in your state.

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