What's an unsecured promissory note with lump-sum payment?

A promissory note is an agreement to pay back a loan. Unsecured means that the loan is not secured by security or collateral. A 'lump sum' means that the borrower will be required to pay the loan amount by a specified date. This is also sometimes called a balloon payment.

To sum it up, an unsecured promissory note (lump-sum payment) is a promise to pay back a loan in one payment on a certain date and when there's no collateral or security.

Here's the information you'll need to have handy to complete your unsecured promissory note with lump-sum payment:

  • Who it's coming from: Have their name and contact information ready
  • Who it's going to: Have their information ready
  • Loan details: Know how much it was for, the deadline to pay, and the interest rate
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Unsecured Promissory Note (Lump-sum Payment) - Free Template

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