1. Presented by : Aashma Adhikari
GOOD MORNING 
Presented by : Aashma Adhikari

2. PROMISSORY NOTE
A promissory note is a financial instrument that contains a written promise by one party (the note's issuer or maker) to pay another party (the note's payee) a definite sum of money, either on demand or at a specified future date.
A promissory note typically contains all the terms pertaining to the indebtedness, such as the principal amount, interest rate, maturity date and place of issuance, and issuer's signature.

3. Advantages
Promissory note can use it for obligations ranging from inter family loans to mortgages.
Doesn’t require any detail or lengthy process.
Helpful to add a few additional details.
With basic inter family loans and other small value notes, we don’t need a thorough legal review of the document. Instead have CPA, financial professional or notary witness the signing of the note.

4. Disadvantages It is not beneficial for more complex situation.
A loan agreement is necessary when you have a more complicated loan.
All documents should be understood and read thoroughly.
Time consuming legal reviews sometimes are necessary with more detailed notes.