Unsecured Promissory Note

An unsecured promissory note is a binding promise to repay a loan without any collateral backing it. The lender relies solely on the borrower's creditworthiness and promise to pay. If the borrower defaults, the lender must pursue legal action to collect the debt rather than seizing property. Unsecured notes are commonly used for personal loans, family loans, and smaller amounts. Because there is no collateral, interest rates on unsecured notes are often higher. Our platform ensures your note complies with your state's usury limits.