Promissory note sample

A one-page promissory note that records a personal loan properly: the amount in words and figures, the interest rate written down (without it, Philippine law allows no interest at all), the due date or an installment table with dates and amounts, what happens on late payment, and signature lines for the borrower, a co-maker and two witnesses. The sample is a pesos loan between friends repaid over six months; tell the AI the parties, amount and schedule and it fills the table.

Templates

  • Promissory note (document): A promissory note format for the Philippines with the loan amount, interest, due date, monthly installment schedule, a co-maker, witnesses and a notarial acknowledgment. Sample note for a ₱150,000.00 personal loan included.
  • Acknowledgment receipt (document): An acknowledgment receipt format for the Philippines showing who paid, the amount in words and figures, what it is for and whether it is partial or full payment, with a payer's copy and a payee's copy. Sample receipt included.

How to use these templates

  1. Agree the amount, the interest if any, the dates and the consequence of a missed payment before writing anything.
  2. Open the template and tell the AI, for example "I lend Mark Santos 50,000 pesos at 2% a month, six equal monthly payments starting 15 December".
  3. Check the installment table, add a co-maker if the lender wants one, and decide whether the note will be notarized.
  4. Print two originals, sign both before the witnesses, and give one to each party. Issue an acknowledgment receipt for every payment.

Making a promissory note hold up

  • Write the interest rate, or write "no interest". Under Article 1956 of the Civil Code no interest is due unless it is stipulated in writing, and courts have struck out rates added later.
  • Keep the rate reasonable. Courts have reduced monthly rates of 3% and above as unconscionable; 1% to 2% a month is commonly upheld between private parties.
  • A co-maker signs as a solidary debtor, so the lender can collect the whole amount from them. Explain this before they sign.
  • Notarization is not required for validity, but a notarized note is a public document that is harder to deny and easier to use in court or small claims.
  • Record every payment with a dated receipt or a bank transfer reference. Small claims courts handle unpaid notes up to the current threshold without a lawyer.

Frequently asked questions

Is a promissory note legally binding without a notary?

Yes. A signed note is a valid contract. Notarizing it makes it a public document and helps as evidence, but it is not required.

What if no interest was written?

Then none can be charged for the period of the loan. Legal interest at 6% a year may still apply from the time the borrower is in default after a demand.

Can I use this outside the Philippines?

The structure works in most countries; the interest rule and the small claims limit differ. Ask the AI to adapt the note to your country and check the interest cap.

What is a co-maker?

A person who signs with the borrower and is equally liable for the whole debt. Lenders ask for one when the borrower has no steady income or collateral.

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