Family Member Promissory Note Template

​[Borrower.FirstName][Borrower.LastName]​

​[Borrower.StreetAddress][Borrower.City][Borrower.State]​

​[Borrower.Country][Borrower.PostalCode]​

​[Borrower.Email]​

​[Borrower.Phone]​

​[Document.CreatedDate]​

(Family Member's Name)

(Family Member's Address)

(City, State, ZIP Code)

Family Member Promissory Note

This Family Member Promissory Note ("Note") is issued to [Borrower.FirstName][Borrower.LastName], referred to as the "Borrower," by [Lender.FirstName][Lender.LastName] referred to as the "Lender," to formalize the terms and conditions of the loan agreement.

2. Loan Payment

Loan Amount: (Enter loan amount in words and numbers)

Interest Rate: (Enter interest rate, if applicable)

2.1 Payment periods

Payments on the loan will be made in equal installments starting on (FirstPayment.Date). These will continue regularly for periods (Period.Payment) until the debt is completely paid off.

2.2 Payment due dates

In turn, the document must be paid on (Date.PaymentDay). This will be counted as the first day of each period, and both the principal amount and interest will be taken into account.

2.3 Application of payment

In addition, each time the Borrower makes a payment, it will be deducted from the interest at the first stay. Upon completion of the payment of such amount, the remaining balance will be taken as payment of the principal amount.

2.4 Prepayment clause.

The Borrower may make the payment in whole or any part of the principal amount at any time. This will not generate any problems against you as long as you pay the previously agreed interest.

3. Security

3.1 Loan Acceleration

In case the borrower is (DuePayment.Days) in arrears in the payment of any previously agreed installment, the Lender may declare the total amount as unpaid and demand it in full. This also includes the interest previously agreed upon in the contract.

3.2 Collateral

For the purposes of this document, the need for collateral will not be considered since this is a family loan.

4. Signatures

By signing below, the Lender and the Borrower acknowledge and agree to the terms and conditions outlined in this Family Member Promissory Note.

This promissory note was signed on the date of (Signing.Date) by both parties, each receiving an original copy of the document.