How it works
Answer simple questions and watch your doc auto-fill
Save, download, and print
Visit My Account and access it anytime
What's a secured promissory note (installment with balloon final payment)?
Not all businesses turn a profit the first day their doors open. To keep the lights on long enough to stay afloat, some owners end up needing a loan. But big financial institutions can be unwilling to take a chance on new, small businesses. This is where friends and family come in—and, where a secured promissory note is useful. Not only does it keep everyone legally on the same page, but because there's collateral involved, the lender can enjoy even more peace of mind making their loan.
Here's the info you'll need to have handy to complete your doc:
Who the lender is
Have their name and contact info ready.
Who the borrower is
Have their information available, too.
Who the holder is
The holder might be the lender, but could be a third party.