What is a promissory note?
What is a promissory note?
- November 19, 2024
- Bill Maurer, anthropology, U.S News and World Report, Nov. 19, 2024
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Promissory notes outline a loan agreement's specific terms and conditions as a legally binding document that formalizes your commitment to repay a specified amount of money within a particular time frame. "A promissory note is basically an IOU," says Bill Maurer, director of the Institute for Money, Technology and Financial Inclusion at the University of California, Irvine. "It's a written statement of a promise to pay a specific sum of money by a specific time. Think of it as an IOU that's legally enforceable."
For the full story, please visit https://money.usnews.com/loans/articles/what-is-a-promissory-note.
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