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Colorado Promissory Note Template

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A Colorado promissory note is a type of debt agreement that establishes a borrower’s promise to repay money owed to a lender by a certain date. This arrangement often includes an interest rate added on top of the total amount owed by the borrower. In addition to the loan amount, interest rate, and date, a promissory note should include the names and addresses of both parties, how payments should be made (lump sum or installments), late fees, and collateral (if applicable).

A promissory note is less extensive than a loan agreement and does not usually include as many complex and loan-specific clauses. However, signing a promissory note is legally binding, and failure to adhere to the terms of the arrangement could result in a breach of contract lawsuit being filed against the borrower.


Types (2)

Secured Promissory Note – A debt repayment instrument secured by the borrower’s collateral.

Download: PDFWord (.docx)OpenDocument

 


Unsecured Promissory Note – A debt repayment agreement where the borrower does not need collateral to secure a loan.

Download: PDFWord (.docx)OpenDocument