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What is a Promissory Note?
A Promissory Note is a simple contract that records the terms of a loan to a company.
For a small sum of money borrowed, a Promissory Note is often used in place of a complex loan agreement.
A loan under a Promissory Note can be interest bearing or interest free.
Key points included
- Principal amount;
- Interest rate (if any); and
- Dates for repayment.