Unsecured Promissory Note Template

What Is an Unsecured Promissory Note?

An Unsecured Promissory Note is a formal document that establishes the basic terms of the agreement between a lender and a borrower regarding the money the former has provided the latter with. Typically prepared and signed by people who know each other well and trust each other like relatives and friends, this legal instrument allows the parties to outline the particulars of the loan which is not secured by any property - this condition benefits the borrower who will not lose their assets even if they fail to pay the money back.

Download an Unsecured Promissory Note template through the link below. To compose a legally binding Promissory Note, include the essential terms of the deal - the amount of loan, the payment schedule, and the free will of the parties to be bound by the conditions in writing confirmed by their signatures. Additionally, you need to identify the borrower and the lender by their names and mailing addresses, certify the due date of repayment, record the interest rate the parties have negotiated, and include other details you consider important such as severability and modification of the Promissory Note.

Haven't found the template you're looking for? Take a look at the related templates below:

• Secured Promissory Note Template;
• Mortgage Lien Release Form;
• Loan Amortization Schedule Template.