Illinois Unsecured Promissory Note Template
	Adobe PDF MS Word

The Illinois Unsecured Promissory Note Template is a legal document that is available in .PDF or Word format. Unsecured promissory notes are not backed by a borrower’s pledged assets (hence being “unsecured”). Lenders have a higher risk when using unsecured loans/notes, therefore they are typically only issued to “low-risk” borrowers. Use the instructions posted below as a guide when drafting your unsecured note.

How to Write

Step 1 – Download the file in .PDF or Word format using the links near the top of the page.

Step 2 – The document must contain the following details (within the first paragraph):

• Date
• Full name of borrower
• Address of borrower
• Lender’s name
• Address of borrower
• Principal sum
• Interest rate (per annum)

Step 3 – Payments – This subsection is used to establish the payment method, schedule, etc. Enter the following information:

• Select the payment method by checking the corresponding box.
• If the payment method is “Installments” or “Interest Only” then the monthly OR weekly payment due date must be filled in.

Step 4 – Due Date:

• Provide the final due date of the note/loan.

Step 5 – Interest Due in Event of Default:

• Fill in the interest rate that will be applied to the note/loan if the borrower defaults.

Step 6 – Late Fees:

• Submit the amount of time the borrower will have to make a payment (after the original due date has passed).
• Enter the late fee amount.

Step 7 – Acceleration: If the borrower defaults on the loan, they still have time to cure it before the lender takes further action.

• Submit the number of days the borrower will have to cure the default.

Step 8 – Signatures:

• Submit the date.
• The lender/borrower must print/sign their respective names.
• AND
• The witnesses must print/sign their names in the appropriate input sections.