Promissory Note

What is a promissory note?

A promissory note is a written promise to repay a debt. It documents the loan amount, interest terms, repayment schedule, and what happens in case of late payment. In Sweden, late payment interest is governed by the Interest Act (räntelagen, 1975:635). A promissory note is particularly important for loans between private individuals — for example, family members or friends — as it creates clarity and prevents conflicts. The document also serves as evidence in the event of disputes.

When do you need a promissory note?

• You are lending money to a family member, friend, or acquaintance
• You are borrowing money and want clear terms documented
• You want to document the interest rate, repayment date, and late payment terms
• You need legal documentation as evidence in case of a dispute

What does the promissory note include?

• Details of lender and borrower with personal numbers
• Loan amount, disbursement date, and currency
• Repayment schedule — monthly, quarterly, yearly, or lump sum
• Clauses for late payment interest, early repayment, and termination

Frequently asked questions

Is a promissory note from Eniga legally valid?

Yes, a properly signed promissory note is binding. Eniga's template is based on the Swedish Interest Act and established contract practice. Consult a lawyer for large amounts or complex situations.

Can I choose an interest-free loan?

Yes, you can set the loan as interest-free. Eniga supports both fixed interest rates and interest-free loans.

What repayment options are available?

You can choose between monthly, quarterly, yearly repayment, or a lump sum at the maturity date.

Is my data stored on any server?

No, all data stays in your browser via localStorage. Nothing is sent to any server.