Promissory Note - Instalment (England and Wales)

This Instalment Promissory Note documents the agreement of a borrower to repay a debt to a lender at a specified rate of interest and within a specific timeframe. This note establishes the sum and terms of the loan, the rate of interest, the timetable for repayment, and the rights and duties of the lender and borrower. This promissory note also contains a provision which states the borrower can repay the loan at any time without incurring a prepayment penalty. Having a written Instalment Promissory Note will prove invaluable if the borrower defaults or in the event of litigation. (continued ...)