Thrift McLemore’s Atlanta business attorneys help clients across Georgia draft and review promissory notes that provide access to capital, protect legal rights, and minimize financial risk.

Thrift McLemore understands the value of using loans to acquire capital to operate or expand a business. Our experienced attorneys can assist in drafting and executing promissory notes for clients throughout Georgia, including Atlanta, Alpharetta, and Marietta.

What is a Promissory Note?

A promissory note, also known as a loan contract, is a written promise to repay a loan. Promissory notes can be secured or unsecured and can be a good option for raising capital to start or expand a business.

Our Georgia promissory note attorneys help clients understand their loan options, structure payment schedules, and create agreements that fit their business needs.

Key Terms in a Georgia Promissory Note

Every promissory note should contain specific terms and conditions, such as:

• Loan amount
• Loan term and due date
• Interest rate
• Penalties and late fees
• Collateral, if any, to secure repayment
• Repayment schedules (installments, balloon payments, or on-demand)
• Consequences of default
• Parties involved in the loan

Additional provisions may address issues like prepayment without penalty or compliance with state-specific laws. For example, in Florida, lenders are required to pay a stamp tax on promissory notes, whereas in Georgia, other rules apply depending on the specific circumstances.

Why Legal Guidance Matters

Improper or incomplete promissory notes often lead to costly disputes. If terms are vague or missing, misunderstandings can arise and damage important relationships. To avoid these problems, we recommend:

• Using a promissory note even when borrowing money from family or friends.

• Steering clear of online form documents, which rely on generic language and rarely protect your specific interests.

• Carefully reviewing and fully understanding every term before signing a promissory note.

Thrift McLemore’s attorneys can assist with drafting or reviewing a promissory note to ensure that your interests are protected and that the terms, especially interest, penalties, late fees, and repayment schedule, are reasonable. We can address how your business structure could expose you to personal liability if the loan is not repaid.

Speak with an Experienced Atlanta Promissory Note Attorney Today

If you are considering a loan for your business, speak with one of Thrift McLemore’s Georgia promissory note attorneys to ensure the note protects you. Call 678-882-0830 today to schedule a consultation.