Promissory Note Document Types

Which Note Type Do You Need?

Choosing the right promissory note depends on your lending situation. A secured note is best when the borrower is pledging collateral such as a vehicle, real estate, or equipment — it gives the lender the right to seize the asset if the borrower defaults. An unsecured note is appropriate for personal loans, family loans, or situations where no collateral is available — it relies solely on the borrower's promise to repay. An installment note is ideal for structured repayment over time with fixed periodic payments, commonly used for larger loans. A demand note is used when the lender wants flexibility to call the loan at any time, often for informal arrangements between people who know each other well.

Every state has its own usury laws governing maximum interest rates and penalties for exceeding them. Our platform generates promissory notes tailored to your specific state, so you never have to worry about exceeding your state's usury limit or missing a required provision.