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Loan Agreement vs Promissory Note — United States

A loan agreement is typically a fuller bilateral contract covering both parties' obligations, while a promissory note is a simpler, one-sided promise to repay. Should clearly state the interest rate, repayment schedule, and default consequences, and comply with local usury limits. By contrast: Should specify whether the note is secured or unsecured and include clear default and acceleration terms. Typical legal fees for drafting or reviewing either document in this jurisdiction run $150–$400/hr attorney rate; $500–$2,000 flat for template review — as with any fee estimate, confirm current rates with a local practitioner.