Promise to Pay Letter (Free Samples)
Use these sample promise to pay letters as templates for your formal agreement.
Last updated on September 19th, 2021
Sample 1 - Promise to Pay Letter
Full, legal name of Payee
Full, legal name of Promisor
Total Amount of Loan
Final Due Date for Repayment
I, Payee Name ("Payee"), borrowed $1,000 from Promisor Name ("Promisor") on Loan Date. By signing this agreement both Payee and Promisor acknowledge that Payee will pay back Promisor using the following payment schedule.
Payee agrees to repay Promisor with a personal check for $100 on the first of each month for 10 months beginning with January 1, 20__. The last payment will be made October 1, 20__, at which time the loan will be fully repaid.
Payee further agrees to pay a $35 per week late charge for every week that payment is delayed after the first of the month. This $35 late charge may be prorated as a $5 per day charge for each day that the payment is late for segments of time shorter than seven days.
Both Payee and Promisor agree to the payment agreement defined above.
Signature of Payee with Date
Signature of Promisor with Date
Signature of Witness or Notary with Date
Sample 2 - Promise to Pay Letter
FULL NAME OF PAYEE
FULL NAME OF PROMISOR
DATE OF LOAN
DATE REPAYMENT IS DUE
TOTAL AMOUNT DUE
TERMS OF AGREEMENT:
I, FULL NAME, borrowed $500 from FULL NAME on DATE. We both agreed that the money would be repaid in a series of scheduled payments.
I, FULL NAME, will repay the loan with a personal check in a series of $100 payments every month for five months starting DATE. The payments will be given to FULL NAME on the first of every month beginning with June 1st with the last payment being made on October 1st.
I, FULL NAME, will pay a $5 per day late charge for any payments that are not on time as agreed until the loan is paid in full.
The payee and the promisor agree to the payment agreement terms listed above.
Signature of Promisor DATE
Printed full name and address, email address, phone number of promisor
Signature of Payee DATE
Printed full name and address, email address, phone number of payee
Signature of Witness(s) DATE
Printed full name and address, email address, phone number of witness(s)