Secured Promissory Note Template | PDF | RTF | Word
A secured promissory note is a loan that is guaranteed by an asset or property in case the money borrowed is not repaid in the set time-frame. This type of loan is common among people with low or bad credit and wish to borrow a significant amount of money. This gives the lender trust that he or she will be paid back no matter if it is paid on time or not.
- If you are the lender, always make sure that the personal property being secured is clear of any liens or encumbrances.
How to Write
Fill-in the following:
- Purchase Price
- Date of Loan
- Value Received
- Maker’s Name and Address
- Holder’s Name and Address
- Sum of Dollars ($)
- Payments
- Installments
- Principal plus Interest
- Interest Only
- Installment Dates
- Due Dates
- Default Interest Amount/Percentage (%)
- Allocation of Payments
- Prepayment
- Currency
- Late Charge
- Due on Charge
- Due on Sale
- Acceleration
- Property (if applicable)
- Additional Terms and Conditions (if applicable)
When the note has been fully agreed to both parties should sign to mark it’s origination.