Loan note

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Loan Note

A contract stating the terms of a loan, such as the principal, the interest rate, and the payment schedule. A loan note states the rights and obligations of both the lender and the borrower. If one party does not fulfill his/her obligations, the other may sue for redress.

Loan note.

A loan note is a promissory agreement describing the terms of a loan and committing the person or institution borrowing the money to live up to those terms.

For example, a mortgage loan note states the principal balance, the interest rate, the discount points, a payment schedule and due date, and any potential penalties for violating the repayment terms.

When the required repayment has been made, the agreement between the parties ends.

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