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What's an unsecured promissory note (fully amortized)?
A promissory note is an agreement to pay back a loan. Unsecured means that the loan is not secured by security or collateral. "Amortized payments" means the borrower will pay down the interest and principal of the loan in equal installment payments, but different proportions, until the total amount is paid. Initially, the borrower will be repaying a higher percentage of interest, and later a higher percentage of principal, although the payment amount remains the same.
Here's the info you'll need to have handy to complete your doc:
Who it's coming from
Determine if a business or individual is sending the doc and have the name and contact info ready.
Who it's going to
Know who this doc is going to and have the individual or business name and contact info ready. If it's a business, make sure you know the business type (LLC, corporation, etc.).
Which state will govern it
Specify a state so it's clear what laws apply to the document.
Be ready to define terms of the loan (e.g., the loan amount and the number of installment payments).
Understand the start and end dates, and the total number of payments.