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What's a secured promissory note (lump-sum payment)?
A promissory note is an agreement to pay back a loan. Secured means that some form of collateral is being used against repayment, reducing the lender’s risk, which often makes it easier to get a loan. Lump sum means that the borrower will be required to pay the full amount of the loan by a certain, specified date. This is also sometimes called a balloon payment.
Here's the info you'll need to have handy to complete your doc:
Who it's coming from
Determine if a business or individual is sending the doc and have the name and contact info ready.
Who it's going to
Know who this doc is going to and have the individual or business name and contact info ready. If it's a business, make sure you know the business type (LLC, corporation, etc.).
Which state will govern it
Specify a state so it's clear what laws apply to the document.
Be ready to define terms of the loan (e.g., the loan amount and the due date for it to be repaid)