Loan Agreement vs Promissory Note — Kenya

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 KES 15,000–40,000/hr — as with any fee estimate, confirm current rates with a local practitioner.