What is a promissory note?

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A promissory note is a financial agreement or perhaps we could also say it's a financial instrument where a borrower makes a promise to pay back the lender the amount of the loan at an agreed time. It's worth emphasizing that some promissory notes can have interest and collateral security attached to them though.

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A promissory note is a financial agreement or perhaps we could also say it's a financial instrument where a borrower makes a promise to pay back the lender the amount of the loan at an agreed time. It's worth emphasizing that some promissory notes can have interest and collateral security attached to them though.
 

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