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 need a secure, non-bank loan paid back in installments. However, big financial institutions can be unwilling to take a chance on new, small businesses. This is where friends and family come in, and a secured promissory note is helpful. 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 information you'll need to have handy to complete your secured promissory note, installment with balloon final payment:

  • Who the lender is: Have their name and contact information ready
  • Who the borrower is: Have their information available
  • Who the holder is: The holder might be the lender but could be a third party
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Secured Promissory Note - Installment with Balloon Final Payment

Looking to secure a non-bank loan to be paid back in installments? A secured promissory note helps to protect your financial interests and officiate lending agreements.
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