A promissory note is a written commitment by one party (the note’s issuer or maker) to pay another party (the note’s payee) a defined amount of money, either on demand or at a specified future date. The principal amount, interest rate, maturity date, date and location of issuance, and the issuer’s signature are often included in a promissory message. Although financial organizations may issue them (for example, you may be required to sign a promissory note to secure a small personal loan), promissory letters are frequently used by enterprises and individuals to acquire money from sources other than banks. This source can be an individual or a business willing to carry the note (and provide the financing) under the agreed-upon terms. Promissory notes, in effect, make anybody a lender.