Georgia Promissory Note Template

Last updated February 18th, 2022

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A Georgia promissory note is a written promise made by an individual to pay back money they have borrowed from another individual or an entity. This type of agreement has a fixed date by which the money has to be paid back to the lender with interest. The parties can decide whether the borrower must pay the amount due in full upon the due date, or whether they must make installment payments (weekly, monthly, quarterly, etc.).

A promissory note can be unsecure or secure, the latter indicating that the borrower must provide collateral to the lender. A breach of contract could result in the lender accepting the collateral as full payment, or, if no collateral was provided, legal action filed against the borrower.

Types (2)

Secured Promissory Note – A loan that requires the borrower to provide collateral as security.

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Unsecured Promissory Note – Records a loan that does not provide the lender with any security on their expense.

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