What is a Time Note?
Time notes are financial commitments that include a deadline for the date that repayment in full will be completed. The repayment process may include a series of payments that take place between the point of issue and the point of termination for the note, or be structured to include a balloon payment for the full amount on a specific date. A time note is often utilized in loan situations that involve two individuals rather than the inclusion of a lending institution or finance company. The most common type of time note is known as a promissory note. Promissory notes are simply agreements between a lender and a borrower. The terms of this form of time note may include some repayment of interest along with the principle, although that is not an essential. However, a time note will always include a firm date for the balance due to be repaid. A time note generally does not get into many specifics or establish some sort of schedule for repayment, other than identifying a specific repayment
