Why is it better to avoid loans for a promissory note?

When borrowing money for a promissory note, you must ensure that the amount entered in the promissory note corresponds to the loan on the contract. The borrower bears the greatest risk with blank bills of exchange for which there is no amount. It is supplemented by the lender on its own

Bill of exchange in Polish law


In the provisions of the Bill of Exchange Act of April 28, 1936, you can find the exact conditions that must be met by a promissory note. This is a security that secures repayment, among other loans.

According to the law, a promissory note, in the absence of repayment of a financial liability, allows you to assert your rights effectively on the court and by enforcement.

The promissory note document should have a written form.
In art. 1 of the aforementioned Act, it was specified that the bills of exchange must contain the elements:

  • determining that it is a promissory note (in the language in which the promissory note is issued),
  • order for unconditional payment of a designated sum of money,
  • the surname of the person obliged to pay (drawee),
  • designation of the payment deadline,
  • designation of the place of payment,
  • name of the person on whose behalf or on whose behalf the payment is to be made,
  • date and place of issue of the bill of exchange,
  • bill issuer’s signature.

There is also a blank promissory note whose characteristic is the lack of indication of the amount of the liability. Such security gives the possibility to pursue any amount of liability and constitutes a serious threat to the drawee.

The loan is secured with a promissory note

The loan is secured with a promissory note

With low creditworthiness, lenders must bear the high risk of not repaying a financial liability if they decide to grant it to the borrower. However, they can be offset by various types of repayment security, e.g. bill of exchange.

A promissory note loan will secure the interests of the lender, but it can be risky for the borrower. It all depends on what bill we will deal with. If it is a blank promissory note, in practice the customer will sign it without a specified amount of the commitment. In this way, dishonest lenders can gain a lot.

In accordance with the law, they could then enter any amount on the bill of exchange, which may significantly exceed the value of the loan granted. Even referring the case to court will not do anything to the client.

The court will only check that the promissory note submitted meets the formal requirements. At the same time, it will not analyze the legitimacy of indicating the bill of exchange such and not another amount.

Burn loan installments by up to 30%. 


Therefore, you should be careful which promissory note is signed when borrowing. When deciding on a blank promissory note, the borrower even risks losing all of his assets.

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