We are independent & ad-supported. We may earn a commission for purchases made through our links.
Advertiser Disclosure
Our website is an independent, advertising-supported platform. We provide our content free of charge to our readers, and to keep it that way, we rely on revenue generated through advertisements and affiliate partnerships. This means that when you click on certain links on our site and make a purchase, we may earn a commission. Learn more.
How We Make Money
We sustain our operations through affiliate commissions and advertising. If you click on an affiliate link and make a purchase, we may receive a commission from the merchant at no additional cost to you. We also display advertisements on our website, which help generate revenue to support our work and keep our content free for readers. Our editorial team operates independently of our advertising and affiliate partnerships to ensure that our content remains unbiased and focused on providing you with the best information and recommendations based on thorough research and honest evaluations. To remain transparent, we’ve provided a list of our current affiliate partners here.
Finance

Our Promise to you

Founded in 2002, our company has been a trusted resource for readers seeking informative and engaging content. Our dedication to quality remains unwavering—and will never change. We follow a strict editorial policy, ensuring that our content is authored by highly qualified professionals and edited by subject matter experts. This guarantees that everything we publish is objective, accurate, and trustworthy.

Over the years, we've refined our approach to cover a wide range of topics, providing readers with reliable and practical advice to enhance their knowledge and skills. That's why millions of readers turn to us each year. Join us in celebrating the joy of learning, guided by standards you can trust.

What is a Time Note?

Malcolm Tatum
By
Updated: May 17, 2024
Views: 8,267
Share

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 date that the borrower must meet. This means that the borrower is often responsible for determining whether to establish a series of repayments that will ensure the balance is repaid by that date, or make arrangements to make one complete payment on or prior to the repayment date. In short, the structure for repayment is flexible.

Use of a time note is very common among persons who do not wish to go through the formality of borrowing money through a lending institution. The time note may be utilized for everything from assisting an acquaintance to secure a vehicle to funding a college education. However, it is important to note that laws governing a time note vary from one nation to another. Persons who choose to make us of this lending model should investigate their rights and responsibilities under the regulations set forth in the country of origin.

Share
WiseGeek is dedicated to providing accurate and trustworthy information. We carefully select reputable sources and employ a rigorous fact-checking process to maintain the highest standards. To learn more about our commitment to accuracy, read our editorial process.
Malcolm Tatum
By Malcolm Tatum
Malcolm Tatum, a former teleconferencing industry professional, followed his passion for trivia, research, and writing to become a full-time freelance writer. He has contributed articles to a variety of print and online publications, including WiseGeek, and his work has also been featured in poetry collections, devotional anthologies, and newspapers. When not writing, Malcolm enjoys collecting vinyl records, following minor league baseball, and cycling.

Editors' Picks

Discussion Comments
Malcolm Tatum
Malcolm Tatum
Malcolm Tatum, a former teleconferencing industry professional, followed his passion for trivia, research, and writing...
Learn more
Share
https://www.wisegeek.net/what-is-a-time-note.htm
Copy this link
WiseGeek, in your inbox

Our latest articles, guides, and more, delivered daily.

WiseGeek, in your inbox

Our latest articles, guides, and more, delivered daily.