跳到主要内容

Formswift: Create a Maryland promissory note with our hassle-free template

Trust our Maryland promissory note template to simplify your loan agreements. Get started now and enjoy the convenience of a customized document tailored to your needs, whether you're in Baltimore or anywhere else in the state.

A person working from home with a laptop and a notebook.
What is a Maryland promissory note?

A Maryland promissory note is a document that outlines the terms and conditions of a loan agreement between a lender and a borrower. It’s a written promise to repay the principal amount of money within a specified timeframe, alongside a certain rate of interest.

Two people looking over a digital document on a tablet, ready to sign.
What is a Maryland promissory note used for?

A Maryland promissory note form is commonly used in various financial transactions, such as personal loans, business transactions, and real estate financing.

A person speaks on a mobile device while picking up a pen.

What are the main types of Maryland promissory note?

There are several common types of promissory notes in the state of Maryland:

A paper clock hangs on a door front to indicate people should come back later.

Secured promissory notes

Backed by collateral, such as property or assets. If the borrower defaults on the loan, the lender has the right to seize the collateral as compensation.

A person uses their finger to input a digital signature sign on a tablet.

Unsecured promissory notes

Are not backed by collateral. These are based solely on the borrower's promise to repay, making them riskier for lenders.

A wall calendar hangs over a sideboard table.

Installment promissory notes

The borrower repays the loan in fixed, periodic installments over a specified period. Each payment includes both principal and interest.

What do I need to write a Maryland promissory note?

You’ll need the following information to create a Maryland promissory note:

  • Names and contact information of the lender and the borrower
  • Loan amount, interest rates, late fees or penalties
  • Repayment terms, including the schedule, installment amounts, and the due date
A person holding a pen sits at a desk with a laptop.

Frequently asked questions

Yes, but both parties must agree to any modifications and provide a written agreement outlining the changes. 

If a borrower fails to repay the loan as agreed, the lender can take legal action to enforce the terms of the note. For example, by filing a lawsuit or seeking collection remedies.

Yes, you can use promissory notes for loans of various sizes, including small loans. They provide a clear record of the loan agreement and protect the interests of both parties.

Maryland law doesn't require witnesses or notarization for promissory notes to be legally valid. However, having witnesses or notarizing the document can add an extra layer of authenticity. 

Looking for other Maryland documents?

Maryland bill of sale

Prepare for selling an item with a clear bill of sale.

Maryland vehicle bill of sale

Create a bill of sale specifically for selling a motor vehicle.

Maryland power of attorney

Empower someone you trust to act on your behalf in legal matters.

Maryland non-disclosure agreement

Protect your business with a confidentiality agreement.

Maryland lease agreement

Protect yourself and your tenant throughout their tenancy.