Sample Promissory Note
Sample
Short Term Loan Promissory Note
(please come to the Short Term Loans Office to get this form)
111-11-1111
Student Name
Address
City, State, Zip Code
University of West Georgia
1601 Maple Street
Short Term Loans
Carrollton, GA 30118
Short Term Loan Promissory Note
Date (mm/dd/yy)
I promise to pay University of West Georgia SHORT TERM LOAN FUND
$000.00
for value received, with interest of $5.00, payable according to the repayment schedule and terms below. Should the loan become in default it will be accelerated and turned over to a collection agency. The borrower will be responsible for any collection costs, including attorney’s fees and court costs. A late charge of $5.00 should be included with any payment(s) not made on or before the original due date(s) as stated in the repayment schedule below. YOU ARE REQUIRED TO MAKE PAYMENTS ON THE DATE(S) STATED BELOW. THERE WILL BE A $5.00 LATE FEE ASSESSED FOR EACH PAYMENT THAT IS NOT MADE ON THE SCHEDULED DUE DATE. In addition there will be a 6% interest charge assessed on any outstanding balance after the last payment date on this promissory note.
Payment 1 in the amount of $0.00 due on mm/dd/yy
Payment 2 in the amount of $0.00 due on mm/dd/yy
Payment 3 in the amount of $0.00 due on mm/dd/yy
Returned check charges will be handled according to the school-wide policy. By signing this Promissory Note you are certifying that,"I waive exemption of all kinds under proceedings in Bankruptcy, and authorize ant trustee in Bankruptcy upon proof and allowance of this debt, to retain and sell sufficient of the property claimed as exempt to pay off the amount so allowed on the debt. I further waive demand, protest, and notice of demand, and non-payment on this debt."
By signing this Promissory Note you are certifying that "I received a copy of this Promissory Note, and agree to make payment(s) on the date(s) as stated in the repayment schedule without being billed." This note is signed as a sealed instrument. Information may be used for collection purposes.
You must be prepared to repay your Short Term Loan by cash, credit card, or personal check. If you are expecting a financial aid balance check State University of West Georgia will not cash the balance check for you to repay your loan. State University of West Georgia reserves the right to refuse to accept a personal check if you have been placed on a cash-only basis for insufficient funds.
Please be aware that Short Term Loans will be reported to a national credit bureau as a debt incurred. Therefore, payment history will also be reported. Late payments could have a negative impact on your credit rating. By signing this Promissory Note, you are certifying that you are aware of this fact.
It is your responsibility to notify the Short Term Loan office of any changes in your address or phone number .
This Promissory Note is a legal contract. By signing it you are certifying that you have read, understand, and agree to its terms and conditions. If you do not understand anything on this promissory note, please ask before you sign.
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