Article: Once you have decided what type of loan you will offer the borrower and you have drafted the promissory note, you will give the note to the borrower. At this point, the borrower should read over the terms and understand them. The borrower will need to sign and date the promissory note once they have read it over. While it is not imperative that you, the lender, sign the promissory note, you can if you wish to. Once the promissory note is signed, you should provide the loan money to the borrower. If you have provided a loan that will be paid back over time, you should consider filling out a repayment schedule as you go. This repayment schedule will help you keep track of payments as they come in, as well as how much is left to be paid back. Generally, a repayment schedule will have the date of the payment, the total amount of the payment, and how much of that payment went to both principal and interest.
What is a summary of what this article is about?
Give the promissory note to the borrower. Sign the note provide the loan. Fill out a repayment schedule as you go.