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Use this promissory note template for Georgia to create an agreement between a lender and a borrower. Our free sample helps you to facilitate the transaction and avoid mistakes when filling out the promissory note in Georgia.

Promissory Note Template Georgia

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Prepared for:

​[Borrower.FirstName][Borrower.LastName]​

​Created by:

​[Lender.FirstName][Lender.LastName]

1. Identification of the Parties

This Promissory Note (the "Note") entered as of (Date), by and between

​[Borrower.FirstName][Borrower.LastName] (the Borrower),

being able to send mail to [Borrower.StreetAddress][Borrower.City][Borrower.State][Borrower.PostalCode], and

​[Lender.FirstName][Lender.LastName] (the Lender),

being able to send mail to [Lender.StreetAddress][Lender.City][Lender.State][Lender.PostalCode].

The laws of the State of Georgia regulate this Note.

Taking into account the money received, [Borrower.FirstName][Borrower.LastName], who shall be entitled as "borrower", undertakes to pay to [Lender.FirstName][Lender.LastName] entitled as the "Lender" the amount of (Loan.Amount) plus interest thereon, following the terms to be set forth hereinafter in this document.

Payment of the principal amount and interest on this note and any additional charges are due on or before (Due.Date). In accordance with the laws of the State of Georgia, the interest charged shall be (LegalInterest.Amount)%.

The state of Georgia has different maximum interest rates that can be added to this promissory note form. For loans under USD 3,000, up to 16% per year can be charged, while for other higher loans, up to a maximum of 7% per year. In case the loan is over USD 250,000, the interest rate can be any as long as it’s disclosed in the document.

Any payments made to cover the costs of this note will first be credited to the interest earned on this note and then to the remaining principal balance.

2. Payment Plan

This note can be paid in installments equal to (Payment.Amount). For this purpose, it is indicated that the first payment will be made on (FirstPayment.Date) and will be kept consecutively every (Payment.Period).

This promissory note template lets you either specify the presence of installments or indicate that it’s a single full payment. In the case of installments, the amount of each installment, the date of the first installment, and the period to be paid (Month, Quarter, Year) must be indicated.

3. Payment Guarantees

By way of security, Borrower agrees to pay the principal amount and interest derived therefrom in full. To secure this note, the Lender will receive (Collateral.Property) which may be taken as payment in the event the borrower defaults.

Among the most common guarantees, you can list a collateral property, additional charges for late payment, accelerated payment clause, etc. It’s up to both parties to place the ones under their promissory note.

4. Extra Clauses

You can extend this simple promissory note template with additional clauses, e.g., to pay before the stipulated time, to transfer the responsibility of this document to someone else, or collective payment clauses.

5. Signatures

Each Party has executed this Note as of the Effective Date.

​

Signature
MM / DD / YYYY

​[Lender.FirstName][Lender.LastName]​

​

Signature
MM / DD / YYYY

​[Borrower.FirstName][Borrower.LastName]​

​

Signature
MM / DD / YYYY

​[Witness.FirstName][Witness.LastName]​

The document must only have the signature of the Borrower to be considered valid. However, additional space can also be added to include the lender’s signature to further validate the covenant within the document.

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FAQ: Promissory Note Template Georgia

  • Promissory note in Georgia is a written document in which the borrower agrees to repay a loan to a lender on a set date. A promissory note may be secured or unsecured within the state of Georgia:

    • A secured promissory note offers collateral as security in the event of nonpayment of the loan.

    • In an unsecured promissory note the lender cannot take possession of any of the borrower’s properties if the borrower defaults.

  • Using a secured promissory note allows the borrower more security of payment from the lender since the borrower is given an asset as collateral. If the borrower defaults and goes into default, the lender may very well take ownership of the property and dispose of it as it wishes.

  • The Georgia statute of limitations states that a promissory note counts as a written document. Therefore, it’s valid for a maximum of six (6) years before becoming void.

  • A promissory note is a legally binding document within the state of Georgia, thus creating an obligation between the parties to perform what’s contained therein. In the event the borrower refuses to make payment, the lender may hire a debt collector or file a lawsuit to obtain the balance due. Additionally, if there’s collateral on the note, the lender may take ownership of the note.

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Promissory Note Template Georgia

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Secure your loans with our free Promissory Note Template for Georgia by clearly outlining loan terms and repayment.

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