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Florida Promissory Note Template

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A Florida promissory note is a form that establishes a loan arrangement between a lender and a borrow. The note covers the amount that the lender gave to the borrower and the date by which the borrower promises to pay them back. This document will contain the names of  both parties, the amount of the loan, the amount of interest, the due date of the payment, whether the payments will be installments or in a lump sum, and any late fees that may be charged for failure to pay on time.

Promissory notes are sometimes issued by financial institutions, but are more commonly used to get financing from a lender other than a bank. This type of arrangement is less detailed and formal than a traditional loan agreement, which contains more provisions and higher default penalties.

Types

Secured Promissory Note – A loan agreement in which the lender accepts the borrower’s personal property as collateral.

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