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What's an unsecured promissory note (interest-only 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 an unsecured promissory noteis useful for keeping lender and borrower legally on the same page.
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.