A promissory note is a formal, written agreement outlining a personal loan's terms and conditions. You’ll want one even when lending to a friend.

For federal student loans, you may sign a contract called a Master Promissory Note, or MPN, that allows you to borrow more than one loan during a period of up to 10 years.

When you sign a student loan contract, known as a promissory note, you agree to all of the terms and conditions laid out by the lender. As with any legally binding document, ...

Here’s what you need to know to write a promissory note for a personal loan. Featured Partner Offers. 1. Smarter Loans. ... There are even websites online that offer fill-in-the-blank templates, ...