What is a promissory note?

A promissory note is a loan agreement between a borrower and a lender. In this case, it is an agreement between you and MAF. You should read your promissory note carefully, since it details your responsibility to fulfill the terms of the loan. The promissory note is what enables MAF to automatically debit your checking account. It also allows MAF to report your payment activity to the credit bureaus.

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