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Washington Promissory Note Template

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A Washington promissory note is a contract that relays the terms and conditions whereby lender provides a monetary loan to a borrower. In the case of this type of loan, the lender and borrower will typically be related or familiar with each other. Therefore, the document’s main purpose is to create physical proof of the agreement so that the lender can enforce repayment of the loan should they be required to do so.

The full contract will include the loan amount, interest rate, due dates of payments (or payment if a lump sum), and any late fees for past due payments. The contract may also require the borrower to provide security such as material collateral or a co-signer.