Common Contracts
1 similar Promissory Note Agreement contracts
Promissory note agreementPromissory Note Agreement • June 30th, 2021
A Secured Promissory Note is a document that allows a Lender to lend money with the added insurance of having assets property to be handed over to them in the chance the Borrower defaults. This type of note carries less risk to the Lender and usually allows the Borrower to pay a lesser interest rate. Unsecured Promissory Note – Offers no guarantee for the Lender to recoup the loaned money. Table of Contents A secured promissory note is a legally-binding agreement between a lender (Promisee) and a borrower (Promisor). A secured promissory note often comes with the loan and stipulates the terms and conditions in which the borrower is expected to pay back the loan. As an extra assurance to the lender, the “secured” promissory note will include some form of collateral. This is in case the borrower defaults on the loan. The collateral will ensure that the lender receives the value of their investment back in full as agreed upon by both parties. If you are thinking of borrowing or lending a
