跳到主要内容

Formswift: Save time with our Massachusetts promissory note template

Streamline your loan agreement processes with our Massachusetts promissory note template. Thanks to its customizable features, drafting a solid agreement has never been simpler. Save time and help ensure your loan terms are crystal clear.

A person stands on a road in front of bicycles while looking at their mobile device.
What is a Massachusetts promissory note?

A Massachusetts promissory note, governed by the state law of the Commonwealth of Massachusetts, is a document that secures a promise to repay a loan. It outlines the loan agreement terms and conditions, interest rate, and repayment schedule.

A person using a tablet on a desk while another person stands with them.
What is a Massachusetts promissory note used for?

A Massachusetts promissory note is commonly used in various financial transactions, such as personal loans, business loans, real estate transactions, and student loans. It provides clarity and protection to both the lender and borrower by clearly defining the repayment terms and obligations.

A person working from home with a laptop and a notebook.

Common types of a Massachusetts promissory note

There are several main types of promissory notes in the state of Massachusetts:

A hand signing a form digitally on a tablet.

Simple promissory note

States the basic terms of the loan, including the principal amount, interest rate, and repayment schedule.

A paper clock hangs on a door front to indicate people should come back later.

Secured promissory note

Backed by collateral, such as a property or a vehicle. If the borrower defaults on the loan, the lender can claim the collateral as compensation.

Two hands holding an hourglass.

Demand promissory note

Does not have a fixed repayment schedules. This note allows the lender to request full repayment at any time.

A wall calendar hangs over a sideboard table.

Installment promissory note

The borrower repays the loan in regular installments over a specified period, including both principal and interest.

What you need to write a Massachusetts promissory note

To create a Massachusetts promissory note, you'll need the following information:

  • Names and contact information of the lender and borrower
  • Loan details, including the principal amount, interest rate, and repayment terms
  • Due dates for payments and any late fees or penalties
  • Both parties’ signatures
Two people work together sharing a laptop in a room with plants.

Frequently asked questions

Yes, as long as both parties agree to the modifications, you can make changes to a Massachusetts promissory note.

While notarization isn't a legal requirement, it can add an extra layer of authenticity and credibility to the document.

In case of default, the lender can take action to recover the debt. This can include pursuing assets.

Yes, you can transfer or sell a Massachusetts promissory note to another party, provided all parties involved agree and you follow the necessary steps to document the transfer/sale.

Looking for other Massachusetts documents?

Massachusetts bill of sale

Prepare for selling an item with a clear bill of sale.

Massachusetts vehicle bill of sale

Create a bill of sale specifically for selling a motor vehicle.

Massachusetts power of attorney

Empower someone you trust to act on your behalf in legal matters.

Massachusetts non-disclosure agreement

Protect your business with a confidentiality agreement.

Massachusetts lease agreement

Protect yourself and your tenant throughout their tenancy.