A promissory note is a legal instrument that functions like an IOU; it lists that the borrower agrees to pay back the loan and outlines the repayment terms. Typically, a promissory note is an agreement not regulated by the government—used for notes like private loans. This can be a great way to either borrow or lend, depending on your specific financial goals.
In this video, Natali and I are discussing some ground rules for setting up promissory notes. We’ll talk about the basic mechanics, why and how to set up a promissory note, and sharing how to get a promissory note template!
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