Family Member Promissory Note Template

Disclaimer

The information provided in this document is intended solely as a general example for legal and financial arrangements between family members. It is not legal advice and should not be relied upon as a substitute for consulting a qualified attorney or financial advisor familiar with local laws and individual circumstances. Laws and regulations may vary depending on the jurisdiction, and modifications may be necessary to ensure compliance. The use of this template is at the user’s own risk, and we assume no liability for any errors, omissions, or consequences resulting from its use without professional review.

This sample Family Member Promissory Note template is provided for illustrative purposes only and may vary depending on specific circumstances and applicable laws. Please customize accordingly.

Family Member Promissory Note Example

Parties Involved:

Lender: Alice Johnson
Address: 789 Maple Street, Springfield, IL 62704

Borrower: Robert Johnson
Address: 789 Maple Street, Springfield, IL 62704

Loan Amount and Terms:

The borrower promises to pay the lender the principal sum of $5,000, with an annual interest rate of 5%. The repayment shall be made in installments of $500 on the first day of each month starting from __________________ until full repayment.

Repayment Schedule:

The borrower will make monthly payments of $500, beginning on __________________ and continuing on the first day of each subsequent month until the total amount, including interest, is paid in full.

Security or Collateral:

This note is unsecured. (or specify collateral if applicable.)

Additional Terms:

• The borrower agrees to make all payments punctually as scheduled.
• In case of default, the borrower agrees to pay all reasonable costs of collection, including attorney’s fees.
• This note may be amended only in writing signed by both parties.

Springfield, ______________________