For use in all states except AK,FL,ME,NY,PR,VT,VA,WV,WI
Illinois Multistate Promissory Note - Unsecured - Signature Loan
Category:
State:
Multi-State
Control #:
US-00601-B
Format:
Word;
Rich Text
Instant download
Description
This form is an unsecured Promissory Note. The form provides that the maker will repay the lender the entire loan, with interest. The lender is also given the discretion of attaching late charges to the monthly payments if the payments are overdue.
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FAQ
Promissory notes, including Illinois Multistate Promissory Notes - Unsecured - Signature Loans, are not typically classified as debt securities. Debt securities usually involve instruments issued by an entity with the intent to raise funds from the public. Promissory notes work differently, focusing on the relationship between a lender and a borrower.
An unsecured note is not backed by any collateral and thus presents more risk to lenders. Due to the higher risk involved, these notes' interest rates are higher than with secured notes. In contrast, a secured note is a loan backed by the borrower's assets, such as a mortgage or auto loan.
Unsecured Promissory NotesAn unsecured promissory note is an obligation for payment without any property securing the payment. If the payor fails to pay, the payee must file a lawsuit and hope that the payor has sufficient assets that can be seized to satisfy the loan.
Signatures. Generally, promissory notes do not need to be notarized. Typically, legally enforceable promissory notes must be signed by individuals and contain unconditional promises to pay specific amounts of money. Generally, they also state due dates for payment and an agreed-upon interest rate.
An unsecured promissory note is an obligation for payment without any property securing the payment. If the payor fails to pay, the payee must file a lawsuit and hope that the payor has sufficient assets that can be seized to satisfy the loan.
A promissory note must include the date of the loan, the dollar amount, the names of both parties, the rate of interest, any collateral involved, and the timeline for repayment. When this document is signed by the borrower, it becomes a legally binding contract.
An unsecured promissory note is a legally binding contract between two parties where one party agrees to pay the other a certain amount of money at a specific time in the future. The reason it is called 'unsecured' is because the borrower does not want to pledge any assets as collateral for the loan.
There is no legal requirement for a promissory note to be witnessed or notarized in Illinois. Still, the parties may decide to have the document certified by a notary public for protection in the event of a lawsuit.
In order for the promissory note to be valid, the borrower needs to sign it. The lender may require the borrower to sign this document in front of a notary to guarantee the signature.
General Definition. Promissory notes are defined as securities under the Securities Act. However, notes that have a maturity of nine months or less are not considered securities.