Have you heard the term promissory note? Do you know what it is? It is a kind of written contract which is signed to show that money has been received and provides the terms for how that money will be paid back. You don’t always need to have one but there are several ways that having one can help both sides- the one who is making payments back and the one who is getting paid back. Besides the agreement to loan and be paid back it can include other things such as a demand for payment and who will pay costs and fees if the money is not paid as agreed.
After you watch this- if you have a loan you are making or getting- and want to know if you should have a promissory note- watch this:
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