¶¶Òõ¶ÌÊÓÆµ

Promissory Note With Interest for the United Kingdom

Promissory Note With Interest Template for England and Wales

A Promissory Note With Interest is a formal written promise to pay a specified sum of money, with interest, at a specified time or on demand. Under English and Welsh law, it serves as a legally binding document that creates a debt obligation between the maker (borrower) and the payee (lender). The document includes essential terms such as the principal amount, interest rate, payment schedule, and consequences of default, while being governed by the Bills of Exchange Act 1882 and related legislation.

Your data doesn't train Genie's AI

You keep IP ownership of your information

Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.

Download a Standard Template

4.6 / 5
4.8 / 5
Access for free
OR

Alternatively: Run an advanced review of an existing
Promissory Note With Interest

Let ¶¶Òõ¶ÌÊÓÆµ's market-leading legal AI identify missing terms, unusual language, compliance issues and more - in just seconds.

What is a Promissory Note With Interest?

A Promissory Note With Interest is commonly used when one party needs to borrow money from another and both parties want to formalize the arrangement in writing. This document, governed by English and Welsh law, provides clear evidence of debt and includes specific terms about repayment, interest rates, and default provisions. It's particularly useful for business loans, private lending arrangements, and structured payment plans. The note can be either secured (backed by collateral) or unsecured, and can be used for both commercial and personal purposes, subject to relevant regulatory requirements.

What sections should be included in a Promissory Note With Interest?

1. Date: Date of execution of the promissory note

2. Principal Amount: The sum being borrowed, expressed in numbers and words

3. Interest Rate: The agreed interest rate and calculation method

4. Payment Terms: When and how payments must be made

5. Maker Details: Full legal name and address of the borrower

6. Payee Details: Full legal name and address of the lender

What sections are optional to include in a Promissory Note With Interest?

1. Security: Details of any collateral or security for the loan (include when the note is secured by assets)

2. Default Interest: Additional interest rate applicable upon default (include when parties agree to penalty interest)

3. Prepayment Terms: Conditions for early repayment (include when early repayment is allowed)

What schedules should be included in a Promissory Note With Interest?

1. Payment Schedule: Detailed breakdown of payment dates and amounts

2. Security Details Schedule: Detailed description of any assets provided as security (for secured notes only)

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓÆµ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Jurisdiction

England and Wales

Document Type

Promissory Note

Sector

Banking

Cost

Free to use
Relevant legal definitions




























Clauses



























Industries

Bills of Exchange Act 1882: Primary legislation governing negotiable instruments, defining requirements for valid promissory notes and setting out rules for negotiability and transfer

Consumer Credit Act 1974: Regulates credit agreements when the borrower is a consumer, including requirements for form and content and consumer protection provisions

Unfair Contract Terms Act 1977: Controls unfair terms in contracts, particularly relevant for interest rates and default provisions in promissory notes

Financial Services and Markets Act 2000: Regulatory framework applicable if the lender is providing credit as a business, may require FCA authorization

Late Payment of Commercial Debts (Interest) Act 1998: Governs interest rates and late payment terms between businesses, including statutory interest rates

Limitation Act 1980: Sets time limits for enforcement of contractual claims, establishing a six-year limitation period for contract claims

Common Law Principles: Fundamental legal principles covering contract formation, consideration, and capacity to contract that apply to promissory notes

Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

Find the exact document you need

Promissory Note For Vehicle Purchase

A legally binding promise to pay for a vehicle purchase under English and Welsh law, documenting the debt obligation between buyer and seller.

find out more

Time Promissory Note

An England & Wales legal document formalizing a debt obligation with a specific future payment date.

find out more

Straight Promissory Note

An England & Wales legal document formalizing a promise to repay a specified sum under agreed terms.

find out more

Shareholder Promissory Note

An England & Wales legal document formalizing a shareholder's deferred payment or debt obligation to the company.

find out more

Simple Note Payable Agreement

An England & Wales document formalizing a straightforward loan arrangement with essential debt details and legal enforceability.

find out more

Senior Promissory Note

An England & Wales legal document detailing senior debt obligations with priority over junior creditors.

find out more

Recourse Promissory Note

An England & Wales debt instrument ensuring personal liability for payment defaults under the Bills of Exchange Act 1882.

find out more

Promissory Note With Real Estate Mortgage

An England & Wales legal document securing a loan against real property with detailed terms and enforcement rights.

find out more

Promissory Note With Personal Guarantee

An England & Wales legal document securing debt with a promissory note and personal guarantee.

find out more

Promissory Note With Collateral

An England & Wales legal document securing debt with collateral under specific legislative compliance.

find out more

Promissory Note Secured By Personal Property

An England & Wales legal document securing debt with personal property as collateral.

find out more

Promissory Note Secured By A Mortgage

An England & Wales legal document evidencing debt and securing property interest for secured financing arrangements.

find out more

Promissory Note Repayment Schedule

An England & Wales document outlining structured loan repayment terms, including schedules, interest, and default provisions.

find out more

Promissory Note Providing For Interest

An England & Wales legal document formalizing a loan repayment promise with interest between parties.

find out more

Promissory Note Mortgage

An England & Wales legal document securing a loan with property collateral, detailing repayment and default terms.

find out more

Promissory Note Monthly Payments

An England & Wales legal document outlining structured monthly repayments for a loan, detailing obligations and protections.

find out more

Promissory Note Lien On Property

An England & Wales legal document securing a loan with property as collateral and detailing debt obligations.

find out more

Promissory Note Letter

An England & Wales legal document formalizing a promise to pay a specified sum under agreed terms.

find out more

Promissory Note Installment Payments

An England & Wales legal document detailing debt repayment terms through scheduled installments.

find out more

Promissory Note For Property

An England & Wales legal document securing deferred property payment with the property as collateral.

find out more

Promissory Note Cosigner Agreement

An England & Wales legal document ensuring cosigner liability for a primary borrower's loan obligations.

find out more

Promissory Note Convertible To Equity

An England & Wales legal document allowing deferred equity valuation for immediate startup funding.

find out more

Promissory Note Agreement

An England & Wales legal document formalizing a promise to repay a specified sum with outlined terms.

find out more

Promissory Contract Of Purchase And Sale

An England & Wales legal agreement outlining future sale terms and conditions for property or goods transactions.

find out more

Promise To Pay Letter For Rent

An England & Wales legal document outlining a tenant's commitment to repay overdue rent with a structured plan.

find out more

Payable On Demand Promissory Note

An England & Wales legal document acknowledging debt, allowing immediate repayment upon demand by the payee.

find out more

Note Agreement

An England & Wales legal document detailing terms for borrowing through note issuance and compliance with financial regulations.

find out more

Non Recourse Promissory Note

An England & Wales legal document limiting lender recourse to specific assets in project finance transactions.

find out more

Loan Promissory Note

An England & Wales legal document outlining loan terms, repayment schedule, and borrower obligations.

find out more

Loan Note Document

An England & Wales legal document outlining debt terms for corporate financing through alternative lending arrangements.

find out more

Interest Only Balloon Note

An England & Wales legal document outlining interest-only loan terms with a final balloon payment.

find out more

Full Recourse Promissory Note

A formal request document for borrowing funds from a bank in England & Wales, detailing financial information.

find out more

Family Promissory Note

An England & Wales legal document authorizing a third party to handle specific claims on behalf of another.

find out more

Cash Loan Promissory Note

An England & Wales document authorizing specific salary payment arrangements between employers, employees, and financial institutions.

find out more

Borrower Promissory Note

An England & Wales legal document authorizing delegated banking responsibilities under specific conditions.

find out more

Promissory Note Personal Guarantee Language

A legally binding document under English and Welsh law where an individual personally guarantees payment or performance of another party's obligations.

find out more

Payment Plan Promissory Note

A legally binding document under English and Welsh law that establishes structured repayment terms for a debt through scheduled installments.

find out more

Promissory Note For Stock Purchase

A legal document under English and Welsh law evidencing a promise to pay for company shares, combining elements of a promissory note and stock purchase agreement.

find out more

All Inclusive Promissory Note

A comprehensive financial instrument under English and Welsh law combining multiple debt obligations into a single promissory note.

find out more

Private Loan Promissory Note

A legally binding document under English and Welsh law evidencing a debt obligation and containing a borrower's written promise to repay a loan under specified terms.

find out more
See more related templates

³Ò±ð²Ô¾±±ð’s Security Promise

Genie is the safest place to draft. Here’s how we prioritise your privacy and security.

Your documents are private:

We do not train on your data; ³Ò±ð²Ô¾±±ð’s AI improves independently

All data stored on Genie is private to your organisation

Your documents are protected:

Your documents are protected by ultra-secure 256-bit encryption

We are ISO27001 certified, so your data is secure

Organizational security:

You retain IP ownership of your documents and their information

You have full control over your data and who gets to see it