<P> Promissory notes differ from IOUs in that they contain a specific promise to pay along with the steps and timeline for repayment as well as consequences if repayment fails . IOUs only acknowledge that a debt exists . In common speech , other terms , such as `` loan '' , `` loan agreement '' , and `` loan contract '' may be used interchangeably with `` promissory note '' but a loan agreement or contract will typically be more detailed than a promissory note . </P>
<P> Promissory notes differ from IOUs in that they contain a specific promise to pay along with the steps and timeline for repayment as well as consequences if repayment fails . IOUs only acknowledge that a debt exists . In common speech , other terms , such as `` loan '' , `` loan agreement '' , and `` loan contract '' may be used interchangeably with `` promissory note '' but a loan agreement or contract will typically be more detailed than a promissory note . </P>
what 's the difference between a loan agreement and a promissory note
what 's the difference between a loan agreement and a promissory note
loan agreement or contract will typically be more detailed than a promissory note
loan agreement or contract will typically be more detailed than a promissory note