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A promissory note sets out the repayment terms when you borrow money. The legal and practical terms of promissory notes can vary considerably, but the most important thing is to pick a repayment plan that's right for you. Part of each payment goes toward interest, and the rest goes toward principal. When you make the last payment, the loan and interest are fully paid. If you borrow start-up cash for your business from a commercial lender, the lender will require you to sign a promissory note. You should also use a promissory note when borrowing money from a friend or relative.
It also documents the terms of the loan in case the IRS comes sniffing around with a business inspection. Banks provide their own promissory note forms. If you borrow from a friend or relative, you'll need to use a promissory note from form books or software. Some loans, especially those from friends and family members, don't require regular payments of interest and/or principal. Instead, you pay off the loan all at once, at a specified future date. This payment includes the entire principal amount and the accrued interest. Borrowing money on these terms is best for a short-term loan, or if the lender isn't worried about on-time repayment. You are not likely to get this kind of deal from a commercial lender.