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Illinois Promissory Note Template

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An Illinois promissory note is a written agreement between two (2) parties whereby one individual promises to repay a sum of money borrowed from the other. A promissory note demonstrates that money was advanced to the borrower under the condition that the sum be refunded to the lender within a certain time frame. Other components of the form include the interest rate, the amount of each installment (if applicable), and the penalties for late payment.

By documenting the loan terms in a promissory note, the lender is afforded protection in the event the borrower defaults on their obligations. The note may also be backed by “security,” which is an asset the borrower puts down as collateral for the loan.


Types (2)

Secured Promissory Note – Requires the borrower to put down an asset as collateral before receiving funds from the lender.

Download: PDFWord (.docx)OpenDocument

 


Unsecured Promissory Note – Does not require a pledge of collateral (should only be used for low-risk borrowers).

Download: PDFWord (.docx)OpenDocument