Business contractsAgreement
Promissory note template
A short, signed promise to repay money: who owes whom, how much, with what interest, and by when. Simpler than a full loan agreement, and enough for most loans between people.
Opens in the Salsox editor with 6 signing fields already placed for Borrower and Lender. Add their emails and send. The free plan sends 3 documents a month.
Who signs
- Borrower
- Lender (you)
Preview
Promissory Note
Date: 24 October 2026 Amount: CAD 8,000
1. Promise to pay
For value received, Daniel Okafor, of 301 King Street West, Toronto, ON M5V 1J5, Canada (the "Borrower"), promises to pay Grace Thompson, of 57 Maple Avenue, Ottawa, ON K1S 3H2, Canada (the "Lender"), the sum of CAD 8,000 (the "Principal"), with interest at 4% a year, simple interest on the unpaid balance.
2. Repayment
The Borrower will repay the Principal and interest in 10 monthly instalments of CAD 814.67 on the 15th of each month, starting 15 November 2026. Whatever remains unpaid, including interest, is due in full on 15 August 2027.
3. Prepayment
The Borrower may pay all or part of the balance early without penalty. Early payments reduce the Principal, and interest is charged only on what remains.
4. Late payment and acceleration
If any payment is more than 30 days late, the Lender may give the Borrower written notice that the entire unpaid balance, with interest to the date of payment, is immediately due. The Lender's delay in using this right does not waive it.
5. Collection costs
If the Lender has to take steps to recover the balance after it becomes due, the Borrower will pay the Lender's reasonable costs of doing so, as far as the law allows.
6. Transfer
The Borrower may not transfer the obligation to pay to anyone else without the Lender's written consent.
7. Governing law
This note is governed by the law of the Province of Ontario, Canada. If any part of it is found unenforceable, the rest remains in effect.
Signatures
Borrower: Signature · Borrower Date: Date · Borrower Name: Name · Borrower
Acknowledged by the Lender: Signature · Lender Date: Date · Lender Name: Name · Lender
These templates are general starting points, not legal advice. Laws differ between countries and states: check that a template suits your situation, or ask a lawyer, before you rely on it.
About the Promissory note template
A promissory note is the simplest written record of a debt. The borrower signs a promise to pay a stated sum to the lender, on demand, on a date, or in instalments, with or without interest. It is common for loans between family members and friends, for a buyer paying a seller over time, and for small business loans where a full agreement would be more paper than the loan deserves.
This template sets out the principal, the interest, the repayment terms and the final date by which everything must be paid. It allows early repayment, makes the whole balance payable if the borrower falls behind, and records that the borrower may not shift the debt to someone else without the lender's consent.
The lender signs too, which is not strictly required for a note but gives both parties the same signed copy and confirms the terms were agreed. Check any interest cap where the borrower lives before setting a rate.
- Signers
- 2
- Signing fields placed
- 6
- Details to fill in
- 11
How to use this template
Open it in Salsox
Choose Use this template. Sign up free if you have no account; the template opens straight after.
Fill in the details
Type your details into each blank, or start from the sample to see how it reads. Save it as your own template to reuse it.
Add signers and send
The editor already has every signature, date and initials field in place. Add each signer's email and send; they sign on their phone, and everyone gets the sealed copy with its audit trail.
Used in
Questions
Does a promissory note need to be witnessed or notarised?
Usually not for a private loan, though some lenders choose to. Requirements differ by country and for notes secured on property, so check if the note will be registered or relied on in court.
What if the borrower stops paying?
This note lets the lender demand the whole remaining balance once a payment is 30 days late. The signed note is the evidence of the debt if the lender then has to recover it.
Can the note have no interest?
Yes. Write that no interest is charged. In some countries an interest-free loan between relatives has tax consequences above certain amounts, so large loans are worth checking with an adviser.
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Send it for signature in minutes
Start from this template in Salsox: fill in the blanks, add your signers and send by email, WhatsApp or SMS. Signers sign one field at a time on their phone, and you can collect a payment in the same step.